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
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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