Long Term CareInsurancepaysfor help both inyour homeandskilled nursing home, when you can no longer care for yourself, that is you are not able to fully do 2 or more ofsevenADL’s, Activities of Daily Living eating, bathing, dressing, toileting, transferring, continence and ambulating,more...
Long-term care insurance premiums may be tax-deductible if you meet certain criteria. If you itemize your deductions on your return, have a qualified long-term care policy and the premium is more than 7.5% of your adjusted gross income, you can deduct a certain amount per person. For tax...
Most people don’t have long-term care insurance because it’s expensive and difficult to understand. Insurers have developed a variety of ways to cover the costs of long-term care beyond traditional, standalone insurance. Simplified long-term care policies, hybrid policies, and annuities with lo...
Long-term care insurance usually covers all or part of nursing-home care, home-healthcare, and personal or adult day care for individuals age 65 or older or with a chronic condition that needs constant care. It is private insurance available to anyone who can afford to pay for it and offe...
If you don’t plan for these huge costs, it’s pretty safe to say you’ll be in for a rude awakening if the worst happens and you or your spouse actually need long-term care. What then? Will You Need Long-Term Care Insurance?
Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia....
For whatever reason, they don’t understand the importance oflife insurance. Worse, they don’t understand how affordable it is for the average family. A lot of people also dramatically underestimate their needs. They think a $250,000 term policy is enough to cover their family. Heck, some...
Understanding Long-Term Care (LTC) Insurance Many people are unable to rely on children or family members for support and buy long-term care insurance to help cover out-of-pocket expenses. Otherwise,long-term care expenseswould quickly deplete the savings of an individual and/or their family. ...
Long-Term Care Insurance: Affordability and Eligibility Long-term care insurance can be expensive. It’s generally more cost-effective when purchased before a person turns 60. As of 2020, the average annual premium for a healthy couple, both age 55, was $3,050, according to the American Ass...
Consider other needs for your tax returns before you discard old copies. For example, your insurance company or a creditor may require you to hang onto copies longer than the IRS may suggest. The Sections of a Tax Return In general, tax returns have three major sections where you can report...