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 NY Nursing Home Abuse Investigation Yields Arrests New York State Attorney General Andrew Cuomo has announced the arrests of nursing home employees over charges of resident neglect and abuse, Business First of Buffalo is reporting. According to Business First, three employees were arrested and charged and a fourth has been convicted fo... 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... Nursing Home Lawyer Abuse Attorney Negligence Lawsuit Victim Nursing Home Abuse and Negligence Keywords: Lawyer | Nursing Home | Attorney | Abuse | Victim The nursing home abuse attorneys at Parker Waichman Alonso LLP have represented the victims of nursing home abuse for over 15 years. Our nursing home abuse and negligence lawyers and attorn... Nursing Homes Rated on New Government Website The Centers for Medicare and Medicaid Services (CMS) has launched a Website ranking nearly 16,000 nursing homes. Reuters Health reports that this is the first-ever federally-managed Website that ranks nursing home facilities for quality. "Around three million Americans depend on nursi... |
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