by Brandon
13. August 2009 02:49
Bob Graham of the Insurance & Financial Advisor Web News reported that a newly proposed piece of legislation would provide a 50 Percent Tax Deduction on Long Term Care Insurance. Read It Here (New Window)
Rep. Rodney Alexander (R-La.) has introduced the Sunset of Life Protection Act (H.R. 1891).
Alexander said his intention was to minimize the need for individuals to rely on public resources in their later years by taking measures now to ensure a comfortable and complete long-term care coverage package. He also stated:
"Increased life expectancy, coupled with the rapidly aging baby-boomer generation forces more Americans to face the challenges of caring for either themselves or their loved ones."
This legislation would go a long way toward helping people plan for their future. Unexpected long term care events can wipe out life long savings without the protection of good Long Term Care insurance from a reputable carrier.
by Brandon
4. August 2009 03:01
Hans Hug Jr. reported for the New Hampshire Business Review on the flexibility of long term care insurance policies. Read It Here (New Window)
Business Owners Have Some Very Attractive Options
He talks about the average purchase age for a non-business, long term care insurance policy, but most of the article is devoted to how company sponsored long term care insurance programs are beneficial to employer and employee alike.
"Any form of business ownership can enjoy deductions for a long-term care insurance premium. And benefits are, as a rule, always tax-free."
The biggest benfit for the employee to me is the fact that the long term care insurance policy can be employer paid but personally owned so that the employee can take the policy with them if they leave. It is a very good article and worth reading whether you are an employer or employee.
by Brandon
16. July 2009 01:46
Robert Powell of MarketWatch reported on Fox Business that 4 major insurers are already creating programs for this new law. Read It Here (New Window)
New Hybrid Products Give Consumers More Choices
Four insurers have already created products for this market: United of Omaha, Genworth Life, Bankers Life, and OneAmerica have all created hybrid products that combine annuities with long-term care insurance. More are expected later this year before the new law goes into effect in 2010.
"...a fairly high percentage of older Americans will need long-term care for at least two years -- and that care is expensive..."
These new products will help consumers pay for that care and come in two varieties already; chances are more will be developed as the market emerges. The more choices a person has to plan for their long term care needs the better.
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