Phyllis Shelton discusses the latest on planning for long-term care with Tim Takacs and Barbara McGinnis on the Takacs-McGinnis Elder Law Hour
Tag Archive: home health care
People worry more about being a burden on their kids when it comes to long-term care than they do about the exorbitant financial cost of extended health care.
Mary and Valerie have a lot in common as they are both caregivers. Mary’s Aunt Julia has long-term care insurance, whereas Valerie’s mother does not. Does it make a difference? Have you considered long-term care insurance to protect your family from the impact on Valerie’s life?
Phyllis Shelton expands on the July 1, 2013 Wall St. Journal article that discusses LTC insurance rate increases by showing how to evaluate a rate increase, how to save money by buying Long-Term Care Partnership plans, and how to view the impact of not planning for extended health care.
If you saw the New York Times article “Fine Print and Red Tape in LTC Policies”, you may be questioning your decision to buy long-term care insurance. Or, if you have a policy, this article may have made you wonder if you should have bought it. The fact that I’m writing this response shows you how important it is to me that you don’t have these doubts. Please let me lay your concerns to rest as I respond to a client’s question about her CNA policy.
Buying long-term care insurance is like buying a car. You pay for the core components like an engine and four wheels with tires on them, then add the options that mean the most to you.
Over 99% of long-term care insurance policies sold today are tax-qualified,* which means the way to get a claim paid is the same as it is Federally controlled in order for the premiums to be tax-free according to IRS guidelines and enjoy other tax incentives. Just like you can need care physically or mentally, you can trigger the benefits in one of those two ways.