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Medicaid and long-term care planning

Posted by MSConsultingGroup on Jun 27, 2014 in Long-Term Care Insurance, Long-Term Care Planning | 0 comments

Many advisors when discussing long-term care insurance will get the push back from clients of, “I plan to go on Medicaid”. While that seems like a good money saving option while clients are healthy and working it could be a decision that clients may later regret. Many states are looking at cutting Medicaid all together because of the cost and budgetary constraints. “One-third of elderly Medicaid enrollees used long-term care services, but they accounted for 86 percent of all Medicaid spending on the elderly” (Sadler, 2014). With the uncertainty of Medicaid and the fact that it puts clients at the will of the “system” many of their...

A refresher on using a HSA to pay for LTCi premium

Posted by MSConsultingGroup on Jun 27, 2014 in Long-Term Care Insurance, Long-Term Care Planning | 0 comments

Do your clients offer HSAs to their employees? If so, the IRS considers tax-qualified LTCI premiums a qualified medical expense That means that an individual (W2 employee) may withdraw money tax-free from their HSA to pay for standalone LTC Insurance. To learn more vist these resources: Resource #1 – Using HSA to pay for LTCi premium (Genworth) Resource #2 – Using HSA to pay for LTCi premium (BenefitsPro)

The Sandwich Generation

Posted by MSConsultingGroup on Jun 27, 2014 in Articles | 0 comments

The sandwich generation currently has increasing responsibilities at home which could be a cause for a decrease in productivity at the workplace. In fact, according to a 2013 research study conducted by Pew Research, they found that “Nearly half (47%) of adults in their 40s and 50s have a parent age 65 or older and are either raising a young child or financially supporting a grown child (age 18 or older)” (Pew Research 2013). This sandwich generation is currently working and because of their unique situation they understand the importance of long-term care insurance. Since this is such a large part of the employer population, long-term care insurance is a...