National Long Term Care Awareness Month

The month of November 2009 has been declared National Long Term Care Awareness Month, and the U.S. Congressional Resolution says it best: “Encouraging people in the United States to anticipate and plan for their future long term health care needs will help them achieve greater independence, choice and control.”

I thought you might be interested in some information that I have gathered from various expert sources. It answers the questions asked most often.

Q. Isn’t long term care something to think about when I’m retired?

R. It’s smart to start earlier. First, you are more likely to qualify for good health discounts that can save you from 10-20 percent yearly. You lock in the savings and guarantee your insurability even if your health changes. Plus, the cost of protection increases by 9 percent every year you wait.

Q. Are there ways to deduct the cost of long term health care insurance?

R. Yes, to encourage more people to plan for their future long term care needs, the federal government now permits tax deductions for insurance. The rules are especially beneficial for small business owners who can deduct the cost for themselves and even their spouses.

Q. Isn’t long term health care insurance expensive?

R. This is one of the biggest misconceptions. According to the American Association for Long Term Care Insurance, a 55-year old can get good quality protection for less than $1000 per year. There are many discounts available today for married couples, non-smokers or those who add a deductible.

Q. What if I never need this?

R. First, consider yourself lucky. Like your car insurance or your home insurance, you hope you’ll never need it. But, if you do, you’ll be glad you had some protection in place. And you may want to consider an option that refunds all your costs if you never use the policy.

Eight million Americans now have long-term care insurance protection in place. If I can answer any of your questions or provide you with information about the cost of protection and how to evaluate all of the options, please feel free to contact me.