LTC Financing Strategies
How to Use Untaxed Dollars to Cover Long Term Care
You may have heard that Long Term Care insurance (LTCi) premiums can be tax deductible. But (and there is always a but), there are restrictions.
LTCi premiums are fully deductible on your Wisconsin income taxes, regardless of whether you itemize taxes, how much or how little your taxes are, or whether you have enough other medical deductions.… Read more...
What’s it Really Like Paying for Long-Term Care
As written by Michelle Singletary and published in the Washington Post on November 26, 2018
One of my favorite Spock quotes from the Star Trek television series is, “Live long and prosper.” Who doesn’t want a long life, right?
But what if the longevity means spending down your money for long-term care?… Read more...
Observations from a Recent Hospital Stay
Recently, I was an inpatient in a hospital after having surgery. While there, I visited with a number of nurses and CNAs (certified nursing assistants) while they were caring for me. Nearly every one of the CNAs had started their careers in a long-term care (LTC) facility.… Read more...
Will Your Children be Paying Your Bills?
A recent survey by TD Ameritrade found that 13% of American adults are financially supporting their parents. It appears to be a growing issue. According to their survey, 19% of millennials are helping pay their parents’ bills, compared to 13% of Generation Xers and 8% of baby boomers. … Read more...
Go Broke without Long-Term Care Insurance
Bob and Tom are twin brothers. They have done well in life and saved for retirement in an IRA. They each have $1,000,000, they are both married, and are now age 80. Oh, and Tom bought long-term care insurance at age 60, a benefit of $60/day for 10 years including 5% compound inflation on that benefit.
… Read more...May is Disability Awareness Month – Does Long Term Care Keep You Up at Night?
Becoming disabled from sickness or accident and unable to work is a significant problem for many. Once retired you might think this is no longer a concern.
But what if you became disabled enough to need assistance with bathing, or dressing, or moving about (arthritis)? … Read more...
Think You Are Too Young To Worry About LTC? Think Again!
I just read that the Centers For Disease Control and Prevention (CDC) says “The percentage of adults aged 45 to 64 years who reported needing help with activities of daily living such as eating, bathing, dressing, or getting around inside their residences has increased nearly 50% from 2000 to 2015. … Read more...
Alzheimer’s Is Expensive
Alzheimer’s Disease is the 6th leading cause of death in America.
By age 65, one in eight has it. By age 75 it’s down to one in four, and by 85 fully half of us already have it. If you live long enough, its almost inevitable. … Read more...
Is Motel 6 WhereYou Plan To Retire?
Tom Bodette will leave the light on for you, but do you really want to stay there?
I surely do not! And I do not want to end up in a welfare nursing home either. Many people think that you get the same care on Medicaid as you would by paying for your care.… Read more...
LTC Insurance is Too Expensive!
Lately I have seen clients shown proposals to purchase Long-Term Care insurance with premiums exceeding $10,000 a year for a couple. This is ridiculously expensive for most couples in their fifties, and is probably because the insurance amounts are way too large to be appropriate.… Read more...