I spend a lot of time at networking events in the Myrtle Beach area to promote my business. Over the past month or so the subject of long-term care insurance has come up more than once. The cost of this type of insurance is staggering. The beauty of having an alert system is that your loved one’s can stay home longer where they are comfortable and they are not depleting their hard earned money (or yours.)
If you are looking into long term care insurance, you will definitely want to take a look at the tax incentives. The current administration decided to leave this type of coverage out of the Obama Health Care Plan. The costs are staggering and they did not want the government to take on this liability – who can blame them?
At the end of the article I have a contact name for someone who is very knowledgeable in this area. I would like to highlight a few of the items he mentioned in a recent presentation:
There are long-term care plans that qualify for tax deduction. If the policy meets certain guidelines, the premiums can be deducted as part of medical expenses that exceed 7.5% of the adjusted gross income. Also, if you own a business and are what is referred to as a “C” corporation, your premiums are eligible as a business expense.
One thing that I found interesting is that most policies will accept paying children of the recipient for care. My friend’s mother has been diagnosed with a terminal illness. Her mother wanted to come home for the duration of her time. Fortunately, the mother had a policy that allowed for her to pay her daughter. She was able to take a leave of absence from her job and spend this precious time with her mother. This is a time she will cherish for years to come.
Even though my friend is thankful for this time, she does need a break and cannot be with her mother 24 hours a day. She is grateful for a medical alert system where she knows that if her mother has a problem, she will have help at the touch of a button.
New York Life has a great brochure that explains the ins and outs of the tax incentives and long term care insurance. Here is a resource:
Give me, Cathy, a call to see if an alert button will fit into your long term care plan for either yourself or a loved one.
Fountain Global Solutions Inc
Myrtle Beach, SC