A LTC Education/Planning Bill has been enacted in Maryland. Melissa Barnickel has been thanked as one of the main activists behind the bill's success. Read the full article below:
Melissa gave a presentation at work which was very compelling. She and her assistant have been very proactive in helping us finalize the long term care insurance policies.
A Medically Underwritten Immediate Annuity will be a good solution for someone in an assisted living or nursing home that is able to re-position assets to generate an income stream for the rest of his or her life.
Long term care services include help with everyday tasks such as bathing, eating, dressing, using the bathroom, etc. According to a new study by LifePlans, Inc. on behalf of America’s Health Insurance Plans, 50% of Americans will need some type of long term care during their lifetime. About 30% of those care recipients will need it for five or more years. As health insurance does not cover this type of care, it is important not to underestimate the high cost involved.
Home Health Care insurance can provide coverage for you, your spouse and loved ones to receive professional care in the comfort of your own home. 74% of people prefer home care over a facility (assisted living or nursing home).
As we work with an increasing number of our clients who are using their long-term care insurance policies, we remind you that there are actions that you may need to take to make certain that the policy works effectively for you and your family if you require care:
The new year is set to bring in an unwelcome surprise for many seniors in America when it comes to their taxes. Those 65 and older who itemize their medical expenses will now only be able to claim a deduction once their cost reaches 10% of their Adjusted Gross Income (AGI)- up from 7.5% in previous years. This change technically went into effect on December 31, 2012, but if a senior or their spouse reached the age of 65 between then and December 31, 2016, the 7.5% rate was then locked-in for that time period due to a large opposition from seniors carrying the highest burden of medical bills. However, this all changes on January 1, 2017 when the 10% cut-off for medical expenses becomes the rule, not the exception, for everyone.
