Do you own an annuity or cash value life insurance policy? Are you concerned about protecting your assets from the risk of rising long-term care expenses? You may be in luck.
Section 1035, a little-known provision of the federal tax code, allows policyholders who meet certain requirements to trade in their existing contract or policy tax-free for long-term care insurance.
Learn more about the value of 1035 exchanges and how this provision may benefit you. Continue reading
At LTC Consumer, we’re proud of our country’s veterans. We believe this group of men and women deserve the best care and services for the sacrifice they gave to our country.
While not everyone can afford Long-Term Care Insurance, great programs are available for American veterans to make sure they are cared for and given the services they need. Veteran In Charge (VIC) is one of those programs. (LTC Consumer is not affiliated with the Veteran in Charge program.) Continue reading
Getting the government to pay for your long term care doesn’t sound like such a bad idea. The only problem is, many don’t realize the downside of what Medicaid offers individuals for long term care services. And many times, the care services are not up to their personal comfort and standards. Continue reading
Tax season is upon us and we are getting down to the wire! As you finish up your 2016 taxes, remember you may be eligible to participate in premium tax deductions in your state.
If you haven’t applied for and been approved for Long Term Care coverage, now is the time to get covered and enjoy the tax deductions you deserve in 2017.
Depending on your age and income, tax planning strategies can vary. Find where you fit to learn more about how you can plan for 2016 year-end tax planning.
Why do LTCI policy owners hold on to their policies? For many, they’ve considered the alternative of paying for their care out-of-pocket and facing the dilemma of finding quality care at a price they can afford. But that’s not all. When finding value in your Long Term Care insurance plan, the following are reasons policyholders cling to their LTCI policies.
Did you know you could save money on your taxes by planning for your future with long term care insurance? That’s right. Tax-qualified long term care insurance policies can help you now with tax incentives and in the future by helping pay for your care.
So, what is a tax-qualified long term care policy? Here’s how it works.
Some may think Medicaid long term care will pay for all of their needs in the future. While this may be true for some, Medicaid isn’t designed or funded to cover long term care services for everyone.
Medicaid, the government welfare program, typically requires that you have $2,000 or less in qualified assets to be eligible and then only covers “nursing homes that accept Medicaid Welfare patients.” It is a joint federal and state government program that can vary in eligibility by your state of residence. In general, Medicaid helps pay for some or all of the health care bills for individuals with low income and assets. It may also cover certain types of long term care services.
So, what long term care services does Medicaid cover? Here’s what you need to know.
Are you or someone you know on the Federal Long Term Care Insurance Plan (FLTCIP)? It was recently announced premiums for select policy owners will increase November 1, 2016.
Learn more about the premium increase and what to do if you or someone you know is affected.
Perhaps you’ve heard of the Federal Long Term Care Insurance Program (FLTCIP), but you may wonder, “Is that for me?”
Continue reading below to get familiar with the Federal Long Term Care Insurance Program, including who it’s for and how it works.