What about Long Term Care ?

Long term care isn't just for the elderly. Long term care is required when you are unable to independently perform everyday activities such as bathing, eating, getting dressed or a number of other living activities. An individual with a serious disease, illness or accident could require long term care assistance and these circumstances could happen at any age.

Women are more vulnerable then men because they tend to live longer and are more likely to remain single. Position yourself today against losing your retirement assets, or estate to the high cost of nursing home, home health care or becoming a burden on your family or friends.

Even if a family member provides for your care, he/she will need assistance. Don't count on private health insurance or medicare as these policies usually do not offer any personal care (in some cases in patient nursing care can be covered).

A quality Long Term Care insurance program can prevent you from losing or spending down your assets, or relying on others. Today you have choices - you may not be so lucky if you wait too long. For more information contact QuoteBroker.

Planning for Long Term Care is a Necessity

As the US population is aging, increased life expectancy is creating a greater need for Long Term Care planning. Long Term Care insurance should be addressed when reviewing your overall retirement plan strategy. In addition to protecting your assets, your plan should consider the increased possibility that you will need quality long term care.

Only you can determine your future care. You can not rely on the Federal Government or your children to take responsibility, therefore proper planning is essential.

Where do you want to be if you require long term care? A state ran facility, a private care facility or possibly at home? Maybe you and your spouse select an "assisted living" facility.

Buying Long Term Care (LTC) insurance when you can afford it is the key. At a younger age, you will likely qualify for lower rates, allowing you to purchase a higher daily benefit. Some LTC policies allow for you to pay for premiums for ten years, or until you are 65.

For more information about Long Term Care planning, contact QuoteBroker or your states department of insurance website.

Long Term Care Trends

According to the Association for Long Term Care, claims are on the rise. As consumers become more aware of this valuable protection, either my word of mouth, or having the unpleasant experience of financially taking care of a loved one, 63% of LTC buyers in 2007 were under age 55.

Who's buying Long Term Care Insurance? (issued by age)

25 - 35 = 9%
35 - 44 = 18%

45 - 54 = 36%

55 - 64 = 30%

65 - 74 = 6%

75 - 80 = 1%

Note: more than 30% of all claims are coming from individuals under age 65

Where are the claims expenses coming from?

17.2% = Assisted Living

33.8% = Home Health Care

44.5% = Nursing Home

Long Term Care is important for a variety of reasons, including protecting your assets, providing valuable cash to "choice" where your loved one will receive care and most important - allow your parents/spouse to preserve their dignity. I am sure that you will agree - I don't want my children to suffer financially or emotionally when it comes to my future healthcare needs.

These plans are not cheap, especially as you get older. Prices vary based on your selected benefits. When you purchase a plan, you will need to select;

• Do you want Home Health Care, Nursing Facility Only or a combination of both?
• How much money do you want daily? Most people select $100-$400 per day
• How long do you want to receive your benefit? 2 years, 5 years, or Lifetime?
• Do you want cost of living increases or any other feature available by rider?

Take control of your future healthcare needs today. If you wait too long, you may be unable to afford or medically qualify for coverage. If you do not have coverage, you may be admitted into a State facility, many of which offer substandard surroundings and care. For quotes or additional information, contact QuoteBroker

Can I deduct my Long Term Care Premiums?

Many individuals are still not sure whether or not they can deduct all or part of their Long Term Care (LTC) premiums. This summary is for the income tax treatment of Long Term Care policies for 2008. This information is for educational purposes and you should always consult your trusted adviser, tax or legal regarding your personal situation.

1. An Individual taxpayer that does not itemize - NO DEDUCTION

2. An Individual taxpayer that does itemize deductions - A)Deductible as " Health Insurance Premium", limited to the lesser of the actual premium or "eligible LTC premium" B)Deductible amount is Total medical Expenses, including eligible LTC premium, in excess of Adjusted Gross Income. IRC Section 213(a)

3. Self-Employed Taxpayers, including Sole proprietors, Partners, Member of LLC, 2% or greater shareholder of an S corporation. - A)Eligible for self-employed health insurance deduction, taken on IRS Form 1040. IRC Section 162 B)Limited to the lesser of actual premium paid or "eligible LTC premium" C) Deduction is NOT subject to 7.5% of Adjusted Gross Income threshold.

4. Non Owner Employees (Premiums paid by employer). Employer provided LTC insurance is treated as Accident and Health Plans. Section 7702(a)(3). A)Premiums deductible to employer (subject to reasonable compensation rules) Section IRC 162(a) B) Premium not included in employee's income.

Long Term care should be part of everyone's financial plan, especially individuals over age 40. Protect your life savings, assets and dignity. Look into a LTC policy today. Request more information online

Long Term Care News - Senate Bill

This month, Republicans and Democrats have joined in the U.S. Senate to sponsor a bill that would provide an above-the-line deduction for long term care insurance bought through cafeteria plans. The bill would let workers buy long term care insurance with pre-tax dollars through employer-sponsored cafeteria plans and flexible spending accounts.

Current law permits individuals to deduct LTC insurance premiums only if they itemize and only if health care expenses exceed 7.5% of their adjusted gross income. “Millions of Americans have used cafeteria plans and FSAs to help protect their families and provide important financial protection,” ACLI President Frank Keating says in a statement. “Including long term care insurance will add an important piece to Americans’ financial security puzzle.”

Watch for future updates. For more information regarding Long Term Care Insurance or to receive a quote; visit QuoteBroker.com

Long Term Care Insurance - Can you afford not to have it?

The New York Life Insurance company announced that they have recently completed a nationwide study, learning that the average cost of nursing home care was about 3% higher this year than in 2006, while home health care costs were up 12%. The average cost of a private U.S. nursing home room with a single occupant climbed to $209 a day, or $76,322 per year.

CareScout, a research arm of National Eldercare Referral Systems Inc., Wellesley, Mass., compiled the figures for New York Life by gathering data from about 3,000 nursing homes in 120 metropolitan areas.

>> The average private room rate increased by $5.36 per day, or $1,956 per year.
>> The cost of a semiprivate room, with double occupancy, rose to an average of $185 a day, or $67,554 a year.
>> The average semi-private room rate rose by $5.27 per day, or $1,924 per year.
>> The hourly rate for a home health aide hired from a Medicare-certified agency is averaging $37.36 per hour, up about 12%.

According to the study, the highest daily rates for private nursing home rooms in the U.S. were:
#1) Alaska: $407. #2) Southern Connecticut: $348. #3) Connecticut Valley: $322. #4) Hudson Valley, New York: $318. #5) Boston area: $299. Rates are expected to increase as our population ages.

To protect your assets and families estate - financial advisors recommend that a quality Long Term Care Insurance policy be apart of your overall financial plan and risk management program. Can you afford not to protect yourself?

To learn more about Long Term Care or Home Health Care coverage, or to a receive a personalized quote, contact QuoteBroker.