An In-Depth Look at Underwriting Guidelines


From an underwriter’s perspective, long term care insurance is the most difficult personal insurance line to deal with. Underwriters have to be able to take an applicant’s current medical situation and look many years into the future. More than that, they also must take imperfect information about nursing home costs and other costs associated with [...]

Designing a Long Term Care Insurance Policy


When you sit down with an agent to design a long-term care insurance policy, you’re going to be asked to make some key decisions that will have a great effect on your coverage, possibly decades ahead of time. Whatever company you select, some of the key decisions you’ll make involve setting an exclusion period, a [...]

Nursing Home Care: Don’t Count on Nursing Home Care

Medicare and Long Term Care

By the time the year is out, about 9 million Americans over age 65 will need some form of long-term care. This care could run the gamut anywhere from in-home assistance to adult day care facilities to skilled nursing facilities. But the population is aging. By 2020, that 9 million figure will expand by 33 [...]

Tax Treatment of Long Term Care – Corporations and their Employees


The tax treatment of long term care insurance differs somewhat from that afforded to individual/sole proprietors and partners in a partnership. Intuitively, it makes sense: I’ve never visited a corporation in a nursing home! Long term care insurance is becoming increasingly popular as an employee benefit. Workers can see what is happening to their parents [...]

Long Term Care Insurance and Your Taxes – Individuals

LTCi Tax Deductibility Rules

Looking ahead over the next few decades, the United States has a severe fiscal problem coming down the pike. The oldest of the baby boomers are just now hitting their retirement years. This is a massive chunk of the population that is shortly to qualify for Medicare, and will increasingly be requiring long term care [...]

Are You Taking Advantage of Your State’s Long-Term Care Partnership Program?


Many people operate under the mistaken belief that Medicare will take care of them in the event they need long-term care over the age of 65. But the fact is that the long-term care benefits covered under Medicare are extremely limited. Medicare only covers 100 days of long-term care, and then only incident to a [...]

What Happen’s When Your Spouse is Uninsurable?

LTCi for Spouses

The time has come. You’ve thought about it, you’ve researched it, and now you’re ready to purchase a long term care insurance policy. You begin the process by requesting quotes from various companies online, you speak with local agents, and you see if your employer offers a program. You obtain as much information as possible [...]

The Real Cost of Inflation

Writing a Check

Long term care insurance planning can be a confusing process. Trying to decipher the differences between two different policies can be complicated. Choosing the least expensive option can end up being the most expensive option. All long term care insurance policies have Four Basic Components (benefit amount, benefit period, elimination period, and inflation protection). Of [...]

To Insure or Self Insure…That is the Question


People’s concern over the future cost of long term care services is valid. Most of us have a friend or relative who has received some form of care, and recognize the financial and emotional strain this can have on loved ones. Although many people recognize they will have a need, many don’t do anything to [...]

2012 Long Term Care Insurance Tax Deductibility Limits

LTCi Tax Deductibility Rules

On October 20, 2011, the Internal Revenue Service (IRS) issued Revenue Procedure 2011-52, which included inflation adjustments for the tax deductibility limits of long term care insurance for 2012. The government offers these incentives to assist individuals who have or are considering long term care insurance to take personal responsibility for covering the future cost [...]