Planning For Your Future Care

Monday, March 1, 2010

Planning For Your Future Care (NAPSA)—With more Ameri- cans living longer lives, there’s new interest in purchasing longterm care insurance to cover costs generally associated with aging. Currently, 8.2 million Americans have purchased long-term care insurance that pays for home care, for assisted living or for care in a nursing home. Such long-term health care costs are not usually covered by medical insurance, by Medicare supplement plans or group insurance. For seniors on Medicare, the long-term care benefits are limited—especially when considering the cost of a debilitating disease such as Alzheimer’s. Fortunately, long-term care insurance may be moreaffordable than you realize. Here are a few tips on how to save from the experts at NAIFA: * Take advantage of the tax deduction. The Internal Revenue Service recently increased deductibility levels for long-term care policies. If you own a business, you may be able to deduct 100 percent of the cost. As an individual, your premiums may be partially tax deductible. Deductibles are based on age and range from $330 to $4,110. Compare policies. Each insurer sets rates based on the type of client it seeks to attract. The company with the lowest cost for a 55-year-old married couple maynot be the least expensive for a 55-year-old single individual. e Stay healthy. Individuals with few or no current health conditions pay less for their longterm care insurance. Long-term care insurance can be a cost-effective way to pay for home care, assisted living or care in a nursing home. e Involve your significant other. Discounts are offered to married adults and even unmarried adults who live together if both individuals purchase insurance coverage. e Add a deductible. Deductibles on long-term care insurance policies are typically referred to as the Elimination Period, the num- ber of days you choose to payfully until your benefits for qualifying care begin. The longer the Elimination Period, the lower your annual premium. Set a defined benefit period. Deciding how long you will need the benefits could save you more than 50 percentof the cost. e Share benefits. A shared care benefit gives couples a pool of moneyto work with. e Pay your premium once a year. Monthly premiumstypically cost 7-8 percent more. For more information, visit NAIFA at www.naifa.org/consumer.

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