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...
Read MoreDo 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)
Read MoreThe CLASS act stands for Community Living Assistance Services and Support Act, and is Title VIII of the Health Care Reform Bill. It is a legacy of the late Senator Ted Kennedy. The plan creates a voluntary government run long-term care insurance program and is effective January 1, 2011. However, the Department of Health and Human Services has until October 1, 2012 to design the plan, and it is not anticipated to be ready until 2013. View Our Brochure
Read MoreAchieving the top strata of net worth has its advantages and its challenges. To address the challenges, persons of exceptional wealth enlist the assistance of trusted advisors to manage their planning needs. There are many risks subject to such management, not the least of which is the risk of a debilitating injury or illness, or onset of a chronic condition requiring extended health care. Why should ultra-high net worth clients address this risk? Why should financial advisors include planning for this risk alongside traditional wealth management efforts? Download Our Full Article
Read MoreAchieving the top strata of net worth has its advantages and its challenges. To address the challenges, persons of exceptional wealth enlist the assistance of family offices to manage planning needs and day-to-day affairs. The purpose of this strategy is easy to understand. A family office offers the client the valuable expertise of trusted advisors and experts, the most effective and up-to-date solutions and time savings. There are many risks subject to such management, not the least of which is the risk of debilitating injury or illness or onset of a chronic condition requiring extended health care. Why should ultra-high net worth clients address this risk? Why should...
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