Talk openly to your adult children about your plans for the future

For many boomers and seniors, talking about plans for their later years with their children is not a hot agenda item. But it should be.

Planning for long-term care represents a carefully thought out decision to be made with the help of an extended care professional. You need information so you can make educated decisions about the care you may need – and Your LTC Resource is a great place to get the facts for yourself and help with your future health needs.

Just as you need that important information, your adult children do, too.  Make time to sit down with your adult children and honestly discuss your preferences and your decisions. Ed & I are fully ready to help you discuss the many options for Long and Short-Term Care (and the many new hybrid plans) available to you. That talk with your kids? It’s something we’ve always recommended.

Recently, we ran across a down-to-earth guide called, “The Other Talk; A Guider to Talking with Your Adult Children About the Rest of Your Life.” The guide provides tips for honest discussions about such tough topics as:

  •  Who do you want to help manage your finances, and how will you budget for unknown needs?
  •  If you need assisted living, where do you want to live?
  •  Where can your children find the documents and information they’ll need to help?
  • What type of medical treatments do you want — and not want?
  •  Who will advocate for your needs?

It’s good, and very reasonably priced (available in paperback for $9 from Amazon, and on Kindle for $8.55). Click HERE for a link for more information on this book.

Education, information and frank, open talks. All three are the keys to making smart decisions, and communicating honestly with your family.   ~ Ed & Elise

 

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Tax and the Long-Term Care insurance client

When we work with clients to educate them about the many Long-Term Care health insurance options available, sometimes Ed and I are asked whether LTC expenses, including Long Term Care insurance premiums, are tax deductible.

Understand, planning for long-term care involves a set of carefully thought out decisions, decisions best made with the guidance of an a professional. You need as much information as possible, so you can make educated choices, and it’s natural for you to want to know about tax deductibility as well.

While Ed and I do not offer tax advice (best to check with your own tax adviser for specifics in your own situation), we can give you a general idea of how long term care premiums relate to federal income tax.

  • Tax-qualified LTC insurance premiums are considered a medical expense.
  • Individuals who itemize tax deductions can treat premiums paid for tax-qualified long-term care insurance for themselves, their spouse or any tax dependents (such as parents) as a personal medical expense.
  • The yearly maximum deductible amount for each individual depends on the insured’s attained age at the close of the taxable year. The LTCi premium that exceeds the eligible amount not included as a medical expense.
  • For 2013, for taxpayers age 40 or under, the limit is $360. For those over 40 but under 50, $680. For those more than 50 but less than 60, it’s $1,360, and for those over 60 but under 70, it’s $3,640. For those more than 70, the deductible limit is $4,550.

There are many erroneous ideas about which long-term care expenses can be deducted and which cannot, and the best person to help you comply with the tax regulations is a qualified CPA.

However, as qualified LTC professionals, we wanted to give you a start, and we hope this helps. Have a question we didn’t cover? Link on the blue highlighted words or email us! We’re always happy to help you get the information you need.

~ Elise

Indy LTC professionals talk about preserving important memories

As Indianapolis-area extended care professionals and Long-Term Care specialists, Ed and I work to help our clients preserve the assets they’ve worked so hard to accumulate during their lifetimes.

At Long Term Care Resources, we often help folks better understand the many choices available to them on Long-Term Care plans, effectively protecting their future.

We also like the idea many of our estate planning colleagues now recommend, that of preserving financial data – as well as personal data, such as photos and stories from your childhood. In fact, recently, we found some new websites set up especially to enable easier “memory preservation.”

Here are some great ways to preserve memories and important financial documents for you and your family:

Store important or interesting documents, photos, files, and videos on sites like Dropbox. This cloud-based service is a safe place where your entries can be accessed and shared no matter where you are, via cloud servers. Depending on the service you select, from 2 to 10 gigabytes of material can be stored and accessed, free of charge.

Have a story or two to tell? Consider ‘blogging’ about your life at blogger.com. Write about your memories and add photos or videos to your posts using this free service. Family members and friends can add comments as well. Your blog can be password-protected so that only friends and family have access to it.

Free sites like flickr can store thousands of photos for you. You decide whether the photos are private or public, and you allow friends and family viewing privileges.

Sure, we’re extended care professionals serving Indianapolis, Indiana and the surrounding areas, but Ed and I are always looking to help our clients find to make their futures more productive, more protected, and more informed. We love the idea of helping folks like you save important documents — and precious memories — for future generations!

Long-Term Health Care has evolved!

As consumers, we decide where we want to live, the type of car we prefer to drive, where to buy groceries, and so forth, right down to the type of phone we use. With Baby Boomers, it’s all about choices. And with 10,000 Baby Boomers turning 65 every single day over the next two decades, “Boomer’s choice” is definitely a part of the Long-Term Health Care system.

As a Boomer myself, I love choices! I welcome Long-Term Health Care Insurance in its many forms – many of them hybrids to make sure the policies work just as we need them to. Taking a new, more individualized approach allows us as consumers to dial up or dial down the health and insurance features that meet their want, needs and range of budget.

It’s great to see this freedom of choice when it comes to both insurance to public programs, Short-Term Care policies, private family support, self funding, Long-Term/life insurance hybrids, or even a combination of these.

Make sure you tailor a Health Care Insurance plan around your particular considerations. A good place to start in your planning is to evaluate the cost of care where you intend to live. As shocking as this is, a private room in a nursing home can easily run to $83,950 per year, according to a new report by the SCAN Foundation on the State of Long-Term Care Financing.

It’s not easy to think about these issues, but knowledge is power, and planning is critical to assure you get the care you might need. Since there are so many choices available, why not choose the plan that works best for you?   ~ Elise