Rising Costs of Long Term Care and Long Term Care Insurance and Taxation.
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According to a recent survey from the MetLife Mature Market Institute: in 2005 the average
daily cost of a private room in a nursing home in the United States is $74,095 per year, or
$203 per day. Alaska has the highest rate, where the cost is $531 per day on average.
The lowest rates were found in Shreveport, Louisiana at $115 per day.
Most people can't afford to pay for this level of long-term care expenses out of their retirement
savings. That's why Long-Term Care Insurance Programs were designed. These Insurance
Programs gives members and their families valuable benefits to help pay for nursing home or
home health care expenses. They can help preserve financial assets and the ability to control
your own health care choices, while maintaining your personal and financial independence.
| Taxation Rules For Long Term Care Insurance Premiums and Benefits | |||||||
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| Many states allow deductions for long-term care insurance premiums. The Health Insurance Portability and Accountability Act of 1996 (Kennedy-Kassebaum) established Tax Qualified Long-Term Care Plans and defined the rules regarding the taxation of any benefits and the deductibility of premiums: |
Taxation of Benefits: The benefits received under a Tax Qualified Long-Term Care Plan are generally not taxable as income. Benefits from reimbursement policies, which pay for the actual services received, are not included in income. Benefits from per diem or indemnity policies, which pay a predetermined amount each day, are not included in income except amounts that exceed the beneficiary's total qualified long-term care expenses or $250 per day (in 2006), whichever is greater. | ||||||
Premiums for "qualified" long-term | Deductibility of Premiums: The deductibility of premiums is limited by the age of
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| LTC Insurance: Long Term Care Insurance | |||||||
Just some of the insurance carriers represented by agents in the Insureme Network: Allstate, Farmers, MetLife, State Farm, American Family, Nationwide, United American | |||||||
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Long-term care insurance provides services for
To find out the cost of long term care insurance and to | ||||||
Which Doctor, Which Nursing Home ? Find and compare quality nursing homes
Health Care at HomeIf you have a health problem or are receiving health care at home, the need for acquiring | |||||||
| Consumer Comment and Health News Affecting The Elderly Plus Nursing Home News | |
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Concerned about the quality of nursing Majority of Nursing Homes Cited For Safety and Health Violations Nursing home abuse and neglect continues to be a serious problem in the U.S. According to a new report conducted by the inspector general of the Department of Health and Human Services, a whopping 94 percent of all for-profit nursing homes were cited last year for violations of federal... Indiana Nursing Home Investigated in Series of Abuse Incidents State officials in Indiana (U.S.) have banned the Hanover Nursing Center from admitting any new residents as the result of an investigation into a series of incidents involving the abuse of several elderly inhabitants. One such incident involved a 79-year-old woman who was severely bea... Nursing Home Neglect Takes on Many Forms: Patients Not Always Getting the Eye Care They Need The widespread yet heavily underreported problem of Nursing Home Neglect takes on many unexpected forms, one of which being simple eye care. Nursing homes often neglect to provide residents with even the most basic vision care. A study conducted by the University of Alabama at Birming... Texas Jury Returns $160 Million Verdict for Vicious Beating of 81-Year-Old Nursing Home Resident by Violent Roommate Although the award will likely be substantially reduced by the trial judge or a Texas appellate court, a San Antonio jury has returned a verdict $160 million in favor of the family of Tranquilino Mendoza, an 81-year-old man who was viciously beaten by a mentally disturbed roommate at th... |
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