With over 17 years’ experience in Long
Term Health Care Planning, I am honored to help on average about 10 people
every week. They find an affordable way to address the physical, emotional and financial
burdens Long Term Health Care can have on loved ones. Most people want to protect
their 401ks, IRA’s and other assets so they can enjoy a future retirement with peace-of-mind.
There are a few things people forget
about when planning. I had a number of people in the past few weeks take advantage of
these options so I thought it would be a good idea to remind you of ways to
you affordably plan and even save money.
First, premiums can be tax deductible.
In some states there are state tax deductions and credits that may be
available. If you have self-employment income
(1099 income) or you own a business (LLC, S Corp, C Corp, etc.) you can
also deduct premiums for you and a spouse from business income. You can even
pay for key employees and not have to offer the opportunity to others. Also, if you have a HSA (Health Savings Account) you can pay premiums from that account. Be sure
to ask about the details!
Second, especially for clients under
age 55, some companies offer what they call a limited pay option. You can pay
ten, higher premiums and then NEVER pay another premium ever again! Yes, the premiums
are higher. The idea is to pay more while you have higher income so
once retired you have a fully paid Long Term Care policy and you never pay a premium
again. This is not for everyone, but for
some it is an ideal way to plan.
Third, some people are not aware of
the federal/state partnership programs available in most states. These policies
provide dollar for dollar asset protection if you have a traditional qualified
long term care policy. The Long-Term Care Partnership Program is a
collaboration between state government and insurance companies. Under this
partnership, applicants who purchase qualifying long-term care insurance
policies can access Medicaid coverage while retaining assets they would
normally be required to spend on their long-term care. This is referred to as
dollar for dollar asset protection or ‘asset disregard’. These plans have
requirements and be sure to ask me about them and if they make sense for you.
Fourth, most companies offer ‘shared care’ plans where spouses/partners can share benefits. In the event one person spends through all their benefits they can use the other person’s coverage. If one person were to pre-decease, the premium drops off but 100% of the unused benefit goes to the surviving spouse/partner. This one makes a lot of sense for most couples.
Finally, my general philosophy is to
develop a plan that makes a catastrophic situation manageable. Some people will
need higher benefits because of where you live or family history. Be sure to
discuss these options with me. Long Term Care Insurance is very affordable …
but must be designed correctly based on your age, health and location. As you
know, I represent all the major companies in the industry so I can assist you
in a few ways:
1. Educate you on what health insurance and later Medicare will cover when it
comes to extended Long Term Health Care.
2. Help you determine if coverage is
suitable for you based on your financial situation.
3. Determine if you health qualify for coverage and if so, with which
company/companies.
4. With your help, design a plan and shop for the best coverage at the best
value.
Unlike most insurance agents and financial
advisors, I understand how these plans work, how they are underwritten and how
they get actually used at the time of claim. Few people have this level of
experience. This is one of the reasons the American Association of Long Term
Care Insurance listed me among the nation’s top 10 Long Term Care Specialists.
Discover how affordable planning can
be!
#10pay #LTC #longtermcare #retirement #boomer
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