Find a Texas Long-Term Care Agent
According to the U.S. Department of Health and Human Services, someone turning 65 today has a 70% chance of needing long term care and support. Unfortunately, many Texans delay learning about issues concerning long term care until after they are personally affected. This is the time when you are likely to be under most pressure and making a decision can be complex and confusing.
Because long term care is a retirement planning issue that deserves a lot of careful attention, itís important to take initiative before itís too late. This page provides all the information every Texan needs to make an informed long term care decision!
Deducting premiums on your taxes
You might be able to deduct part of your long-term care premiums from your taxes as a medical expense. If you or your spouse is self-employed, your LTC premiums may be considered as a business expense. To do so, your policy must be tax-qualified. Your agent will be able to advise you if the policy you are considering is tax-qualified. Benefits you receive from tax-qualified long-term care policies are generally not taxable.
Premiums for non-tax-qualified long-term care policies are not tax-deductible. Ask a tax attorney, accountant, or tax adviser about how long-term care insurance and benefits will affect your taxes.
For most Texans, long term care insurance is the best (and preferred) strategy to protect against the devastating cost of long term care. Youíll be able to customize your plan by selecting how much you want the policy to pay each month, your preferred benefit amount, how long you want the policy to last, and what your deductible will be. You will have the option of how your benefit wills grow over time with the choice of inflation protection. Your choices will determine what your premiums will be.
While Medicare is often listed as an option to pay for long term care by many websites, keep in mind that it WONíT pay for most LTC services. Medicare pays for medical care for senior citizens and younger people with disabilities.
Medicare does not pay for custodial care, which is not medical care. Custodial care essentially makes up for over 90 percent of LTC. Custodial care is when you need help with the things you do every day: getting out of bed or a chair (transferring), using the toilet, managing bathroom hygiene, bathing/showering, dressing, or eating. Most people who require long term care after suffering from a stroke or cognitive impairment such as Alzheimerís or dementia need custodial care.
Long Term Care Insurance Specialist
Texas State Lic # 1060128
ACSIA Partners - One of the largest long term care insurance agencies in the nation.
Elder Options of Texas
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DISCLAIMER: Links to other websites or references to products, services or publications do not imply the endorsement or approval of such websites, products, services or publications by Elder Options of Texas. The determination of the need for senior care services and the choice of a facility is an extremely important decision. Please make your own independent investigation.