Long-Term Care Planning
Medicaid and long-term care planning
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 MoreA refresher on using a HSA to pay for LTCi premium
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)
Read MoreLong Term Care Planning: A Profound Shift In The Making
Why affluent clients with no LTC coverage may be at risk. Read Anthony Stratidis’ article from the National Underwriter. Download The Full Article
Read More