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 Many Nursing Home Residents Fail to Receive Adequate Pain Control Due to Deficiencies in Medication Prescribing Practices Study A new study conducted by an interdisciplinary team of researchers, and published in the Journal of the American Geriatrics Society, has found that the medication prescribing practices in place at many nursing homes results in poor pain management in residents.As reported in Medical News... 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 Abuse Law Could Stiffen Penalties, Change Rules Regarding Private Equity Firms Nursing home abuse is finally getting some attention from Congress, where two separate hearings were held yesterday to discuss the problem. Committees from both the House of Representatives and the Senate took up the nursing home abuse issue, and now Congress will consider legislation... Jury awards $160 million in nursing home suit After hearing claims that a nursing home knowingly paired a frail 81-year-old man with a violent, mentally ill roommate who viciously pummeled him, a jury responded Wednesday with one of the largest civil judgments ever awarded in San Antonio. Finding that Summit Care Corp., its Texas a... |
Medical Alarm Scams and Fraud - 7 Ways to Protect Your Loved Ones Posted By :... There comes a point when the decision has to be made whether our elderly parents are capable of living on their own. Our gut tells us that the longer they stay in their familiar setting the happier they will be. One of the new technological tools that has made staying at home for peop... Senior home care Posted By : William886 Jattin886 Senior home care We should always be thankful that god has provided us with such loving parents, in our younger days. When our parents become old it is our duty to see that they are well looked after. We can either provide for them ourselves or else put them up in safe hands, by gett... What You Should Know About Electric Lifts Posted By : Christopher W Smith Should you require the use of a lift for your wheelchair, either electric or manual, you have a couple of choices: electric or manual. Both have their disadvantages and advantages. A manual wheelchair is, of course, much less costly, although you will need to have the physical ability a... Stair Lift Prices Posted By : Ricky Lim Stair lifts allows aged and disabled people to live a normal life. It is a pretty new technology that has surfaced recently that allows people who have difficulty walking up and down the stairs. An electric rail is installed along the side of the stairs and the disabled can sit on the s... How Do I Decide Posted By : Cynthia Ward When we live at a distance, we have to really on closer family members, friends and neighbors to be aware of how our parents are doing. Suddenly we can be faced with the realization that loved ones are not getting along as well as in the past. |
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