John Hancock Financial (John Hancock) recently announced the results of its 2011 cost of care study, which found that long-term care (LTC) costs have continued to increase, but not as much as other goods and services. @Paul Burns, Getty Images The study surveyed more than 11,000 providers, including nursing homes,...
Tag: long term care insurance
Cost of Assisted Living May Be Tax Deductible
The cost of assisted living may be deductible on Federal income tax returns. The IRS has certain guidelines to determine eligibility. The cost of housing and meals and certain personal care services may be deductible; the determining factor is generally the inability to perform at least two activities of daily...
Long-Term Care Funding: Here’s Looking to You!
The Commonwealth Foundation conducted a study in Penn. looking at long-term care funding and came to some interesting conclusions. Pennsylvania taxpayers pay $6.6 billion per year to fund long-term Medicaid spending, 40% of the state’s Medicaid spending. It is unsustainable so they are looking at several options. Rebalance Medicaid In...
LTC Insurance Paying Claims Now
While many have the notion that long-term care insurance is both unaffordable and also possessed by few people, comes information, be it from the industry trade group, that suggests otherwise. The American Association for Long-Term Care Insurance reports that the nation’s 10 leading long-term care insurance companies paid over $10.8...
People Aware of LTC Costs but Have No Real Plan to Finance
The Lincoln Financial Life Stages Survey: Long- term care, a survey of 1,002 Americans, was recently released. Most respondents were aware of forecasts predicting a dramatic rise in the number of Americans needing care. Few admitted to being truly prepared. People also understand that costs of care will seriously affect...
Ninety-Two Percent of Female Retirees Not Planning Long-Term for Retirement
A new report from the Society of Actuaries (SOA) shows that while half of women will likely live beyond age 85, 92 percent do not plan far enough in the future to cover the 20 some years between retirement and life expectancy. Actuaries say that an understanding of post-retirement risks...
Met Life to Discontinue Selling LTC Insurance
Met Life says it will halt sales of long-term-care insurance. Coming from one of the thought leaders in aging that is pretty serious news. More and more insurers have given up this product because they underestimated the claims they would pay out over time and so did not price their...
Long-Term Care Insurance Deductibles Increase in ’11
Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI), issued a release yesterday that says The Internal Revenue Service (IRS) has announced increased deductible levels for long-term care insurance policies that will be purchased in 2011. The deductible limits under Section 213(d)(10) for eligible long-term care...
Compare the Cost of Care for Long-Term Care Around the Country
Genworth Financial has an interactive map to compare your state or region’s median cost of care to other areas in the country. Go here and click a state or region to view and calculate current and projected long term care costs. You actually can view the cost of care for...
New Long Term Care Insurance Survey Suggests Premiums Not as High as Public Perceives
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