November has been declared Long-Term Care Awareness Month because even the U.S. Congress recognizes the importance of making people aware of the risks and costs associated with long-term care.
Even though the risk is real, most people avoid thinking about long-term care until it is too late. So, I am sending you this E-mail to share three important facts. And, I hope you'll use this occasion to consider your options and contact me for more information.
FACT #1. Most long-term care is received at home; not in a nursing home. In fact, 43% of long-term care insurance claim benefits paid to individuals covered home care (and only 24% paid for nursing home care.) *
FACT #2. One of the significant ways to save on long-term care insurance protection is to take advantage of available discounts. People in good health can save. You can lock in these savings even when your health changes. Less than half (44%) of people between 50 and 59 qualify though and that percentage declines at older ages. Why not see if you qualify.
FACT #3. Married couples and partners can save on long-term care insurance, sometimes even when only one person is protected. And with new "shared care" options, two people can actually share each other's coverage. Less money … more benefit … worth considering. November is
Long-Term Care Awareness Month and it's the perfect time to find out what protection costs and which discounts and savings you qualify for.
Visit LongTermCareInsurancePros for a great online source for long-term care planning and insurance.
Request a Free, No Obligation Quote Today!
Monday, November 17, 2008
Wednesday, November 12, 2008
Medicare Open Enrollment-2009
Saturday, November 15th is the first day that people 65 and older can choose a Medicare prescription drug plan for next year and experts warn seniors against automatically re-enrolling in the plan they have now without considering other options. It is important to look at the different drug plans according to what prescription drugs you are taking.
Some plans may or may not have the prescription you need while another plan does. Many of the dozens of competing drug plans have increased their prices and changed their offerings. It is also important to consider what the co-payments are, if your local pharmacy accepts the plan and whether or not there is coverage during the “donut hole” or “gap.”
The gap, or ‘doughnut hole,” refers to what happens when the total drug costs paid by the patient and the health insurance company rise above $2700. After that point, the patient is responsible for pay everything until costs reach $4350, when catastrophic coverage starts. Some plans pay for generic drugs during this “gap.”
November 15th through December 31st, 2008 is also open enrollment for Medicare Supplement or Advantage plans. This is also the time that you can switch to a different plan without any problems. The costs of the plans vary from carrier to carrier. New coverage and costs begin January 1, 2009. It is recommended that you do your homework with the help of an independent agent, one who represents many carriers. It is also important to check with your Doctors to see if they accept Medicare.
Medigap policies can be sold in only 12 standardized plans, "A" through "L". In other words, the benefits covered by Medigap Plan A are the same regardless of which health insurance carrier is offering Plan A. However, health insurance carriers may charge different prices for the same Medigap plan. Here is a good place for comparative quotes for Medicare
Some plans may or may not have the prescription you need while another plan does. Many of the dozens of competing drug plans have increased their prices and changed their offerings. It is also important to consider what the co-payments are, if your local pharmacy accepts the plan and whether or not there is coverage during the “donut hole” or “gap.”
The gap, or ‘doughnut hole,” refers to what happens when the total drug costs paid by the patient and the health insurance company rise above $2700. After that point, the patient is responsible for pay everything until costs reach $4350, when catastrophic coverage starts. Some plans pay for generic drugs during this “gap.”
November 15th through December 31st, 2008 is also open enrollment for Medicare Supplement or Advantage plans. This is also the time that you can switch to a different plan without any problems. The costs of the plans vary from carrier to carrier. New coverage and costs begin January 1, 2009. It is recommended that you do your homework with the help of an independent agent, one who represents many carriers. It is also important to check with your Doctors to see if they accept Medicare.
Medigap policies can be sold in only 12 standardized plans, "A" through "L". In other words, the benefits covered by Medigap Plan A are the same regardless of which health insurance carrier is offering Plan A. However, health insurance carriers may charge different prices for the same Medigap plan. Here is a good place for comparative quotes for Medicare
Tuesday, November 11, 2008
Long-Term Care Insurance IRS Deductibility Limits for 2009
The IRS allows qualified Long-Term Care insurance premiums to be deducted with some limits. Those limits for 2009 have been established in this article which has a good explanation of what those limitations are as well as what qualifies as a tax deductible policy.
As in all tax matters it is best to consult with your tax professional for advice on how much Long-Term Care insurance premiums can be deducted in your individual situation.
Simplify Your Long-Term Care Financing and Planning with a Long-Term Care Specialist!
A qualified Long-Term Care Specialist can help you determine the best policy for you.
As in all tax matters it is best to consult with your tax professional for advice on how much Long-Term Care insurance premiums can be deducted in your individual situation.
Simplify Your Long-Term Care Financing and Planning with a Long-Term Care Specialist!
A qualified Long-Term Care Specialist can help you determine the best policy for you.
Sunday, November 2, 2008
Long-Term Care Insurance- 2009 Tax Deductions
2009 Tax Deductions For Long-Term Care Insurance
The Internal Revenue Service has announced the maximum tax deduction that can be taken on qualified LTCi premiums in 2009.
Maximum Deduction for Qualified LTCi Premiums Under Code 213(d)(10)
Attained Age Before Close of Year 2009:
As in all tax matters it is best to consult your tax professional for clear advice on how much Long Term Care insurance premiums can be deducted in your individual situation though.
The Internal Revenue Service has announced the maximum tax deduction that can be taken on qualified LTCi premiums in 2009.
Maximum Deduction for Qualified LTCi Premiums Under Code 213(d)(10)
Attained Age Before Close of Year 2009:
- 40 or less - $320
- More than 40 but no more than 50 - $600
- More than 50 but no more than 60 - $1,190
- More than 60 but no more than 70 - $3,180
- More than 70 - $3,980
As in all tax matters it is best to consult your tax professional for clear advice on how much Long Term Care insurance premiums can be deducted in your individual situation though.
Plan for Health Care Costs in Retirement
It is expected that a married couple at age 65 in 2008, without employer-based retiree health benefits, will need $194,000 in savings to have a 50% chance of having enough money to cover Medigap premiums, Medicare Part B premiums, Medicare Part D premiums and median out-of pocket prescription drug expenses throughout retirement.
To have a 75% chance of having enough money to cover these expenses they would need $253,0000, and to have a 90% chance they would need $305,000.
If out-of-pocket drug costs are higher, the savings needed would increase. These savings to not include what might be needed for any long-term care expenses.
These findings were from the Employee Benefit Research Institute (EBRI).
Long-term care planning is essential to make sure there is money set aside or readily available when needed for your long-term care needs. Long-Term care insurance assure you that the money will be there when it is needed.
For free resources, information or a quote visit Long Term Care Insurance Pros
To have a 75% chance of having enough money to cover these expenses they would need $253,0000, and to have a 90% chance they would need $305,000.
If out-of-pocket drug costs are higher, the savings needed would increase. These savings to not include what might be needed for any long-term care expenses.
These findings were from the Employee Benefit Research Institute (EBRI).
Long-term care planning is essential to make sure there is money set aside or readily available when needed for your long-term care needs. Long-Term care insurance assure you that the money will be there when it is needed.
For free resources, information or a quote visit Long Term Care Insurance Pros
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