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Updated: October 11, 2024 at 1:44 pm
As we age, the possibility of needing long-term care becomes more likely. In recent years, the insurance industry developed various types of long-term care insurance to help cover these potential costs.
Gone are the limited options from 30 years ago. Today, more types of long-term care insurance exist, and even some great options for the younger generation!
Moreover, many options nowadays are affordable.
Continue reading 5 Types of Long-Term Care Insurance | Know Your Best Options
Updated: April 12, 2024 at 9:39 am
Do you think life insurance with living benefits is worth the extra money?
John, I have no idea what you are talking about, you say.
Wait. Have you heard about life insurance with living benefits?
If you don’t know what living benefits are, don’t worry. I will explain what they are in more detail.
Here is the abridged version, however: Living benefits are a useful way to advance part of your death benefit early, while alive (or “living”) if certain, covered events happen.
Updated: April 12, 2024 at 9:40 am
Massachusetts residents who possess long-term care insurance are granted a unique provision. The provision is the only of its kind in the nation.
Let’s back up a bit. You’ve probably heard about people losing their homes during the estate recovery process. This happens when the state’s Medicaid department files for a claim on your loved one’s estate for using Medicaid for long-term care needs. The state wants to recoup what it paid to your family member.
Updated: April 12, 2024 at 9:40 am
When people think of long-term care insurance, a favorable tax deduction is the last they think of.
Why? Well, traditional long-term care insurance has had a bad rap these days. It seems like everyone knows premiums have increased through the roof. (FYI – they have stabilized, though.)
Moreover, people don’t like the “use-it-or-lose-it” stigma associated with traditional long-term care insurance. We understand. As we have discussed, however, you will probably need some type of long-term care in your future.
Did you know that traditional long-term care insurance offers a really nice tax deduction as well as other awesome tax benefits?
Continue reading Long-Term Care Insurance Tax Deduction | How It Helps & Other Tax Advantages
Updated: April 12, 2024 at 9:40 am
It is a fact: You will probably need some form of long-term care (LTC) (that is, custodial care) in the future. The Centers for Medicare and Medicaid estimate that 7 out of 10 people age 65 will need some type of long-term care (i.e., home health care, assisted living, or nursing home care.) If you are 50 or older (or a tad younger), you probably know of people who are dealing with the burden of caregiving for their parents or loved ones in LTC situations. We know caregiving can be one of the most excruciating situations in a person’s life. Maybe you are dealing with it yourself? Have you been thinking about your own long-term care yourself? What will happen if you need long-term care?
Continue reading Need Long-Term Care? A Hybrid LTC Policy Can Help