IRS 2018 Long-Term Care Insurance Deduction Schedule

Many people are unaware of the significant tax-treatment available with Long-Term Care Insurance. As more people purchase these plans prior to retirement, these tax benefits can make what is an affordable product even more valuable.

Tax deductible limits for traditional Long-Term Care Insurance premiums that are paid in 2018 have been increased according to the American Association for Long-Term Care Insurance.

Long-Term Care Insurance has attractive tax treatment under IRC 7702(b). Premiums can be tax deductible if you have enough medical related deductions, you are self-employed or own a LLC, S-Corporation or C-Corporation. C-Corporations can deduct 100% of the premium. Otherwise the IRS publishes a chart each year which indicates the amount deductible based on age.

Read the full article from LTC News: https://www.ltcnews.com/articles/irs-2018-long-term-care-insurance-deduction-schedule

Learn about Long-Term Care and tax incentives from my website: https://mccannltc.net/resources/long-term-care-insurance-tax-benefits

Long-Term Care Insurance is Easy and Affordable Asset Protection. Before you retire discover how you can plan for the financial costs and burdens of aging. Safeguard your 401(k), IRA, 403(b) and other savings while reducing the tremendous burdens extended care placed on family members. The consequences can be huge – the solution is easy and affordable.

Get FREE QUOTES for all the major companies: https://mccannltc.net/quote

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Watch video and Learn About Long-Term Care Planning

Planning for the financial costs and burdens of aging can be complicated unless you discover your options with an experienced Long-Term Care Specialist.

This is where I can help!

 

Since 1998 I have helped thousands of people nationwide learn about their options and discover how easy and affordable a Long-Term Care Insurance policy can be. Most financial planners and insurance agents don’t understand fully how policies work and get underwritten. Nor do they understand how they actually get used at the time of claim.

Watch this video: https://www.youtube.com/watch?v=rk3JR-A9rKk 

I recommend several reference websites for research:

LTC Planning News offers articles and resources: www.ltcnews.com
US Department of Health and Human Services: www.longtermcare.gov
McCann’s website also has several outstanding resources: www.mccannltc.net

Long-Term Care Insurance is Easy and Affordable Asset Protection.

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Generation X and Baby Boomers Start to Focus on Long-Term Care Planning

As the markets continue to grow people are seeing their 401(k) IRA and 403(b) see healthy gains. If you are a member of Generation X (born 1966-1975) or you’re a Late-Boomer (born 1956-1965) you are, or should be, laser focused with retirement planning. As longevity has become a major concern because of the advances in medical science planning for the costs and burdens of Long-Term Health Care has become a major priority. The concern of many consumers and financial professionals is the possibility of running out of money in retirement. Because of expanded lifespans and the likelihood of needing long-term care services, an advance plan to address this risk is key to retirement planning.

Long-Term Care Insurance is generally on the top of list for an advance plan. Often consumers read Long-Term Care Insurance (LTC) is expensive. While the cost of the care is expensive the cost of LTC insurance is actually very affordable according to Matt McCann, a nationally known expert and speaker on Long-Term Care Planning and Long-Term Care Insurance products.

“If you enjoy fairly good health, these policies are a very affordable way to address the financial costs and burdens of aging,” said McCann. The problem is too many people wait too long to start planning. The ideal age to make an advance plan to safeguard retirement funds is well before you retire.”

McCann also notes that consumers seek advice from an insurance agent or financial advisor who has little or no experience in long-term care planning.

“They end up getting recommendations that are not appropriate and cost too much,” McCann said.

The American Association for Long Term Care Insurance (AALTCI), a national consumer education and advocacy group, recommends designing a plan with a specialist. Since 1998, McCann has been a leader in finding solutions for the physical, emotional and financial burdens that long-term care can place on a family.

“The consequences of extended health care are tremendous. Often a daughter or daughter-in-law become caregivers or have to manage caregiving for a parent. They have their own career and family responsibilities. Most of the people I speak with want their family to be family. Caregiving is hard. The cost of caregivers or facilities drain savings. The emotional impact on loved ones is high. What people discover is Long-Term Care Insurance is Easy and Affordable Asset Protection which reduces the family burden and safeguards assets,” he explained.

With thousands of clients nationwide, few people have McCann’s level of experience and expertise, which is vital when shopping for long-term care insurance. In addition to helping consumers nationwide, McCann also assists insurance agents and financial planners help their clients. He also speaks to groups and organizations regarding extended care and other retirement issues.

“There are many types of policies which include traditional plans, partnership plans which provide additional asset protection, single premium asset based plans which also offer a death benefit and short-term plans which offer a wider age and health qualifications,” said McCann. “I ask lots of questions so I can help consumers save money and provide peace-of-mind.”

The cost of long-term care can vary depending on where in the country you live or plan on moving to when you retire. Knowing this information helps develop appropriate plans. You can see the cost of care and available tax benefits in your state here:

https://mccannltc.net/resources/state-information

McCann uses an unique process where he speaks with clients on the phone while they view his computer screen from the comfort of their own home or office. Because most clients are of working age, McCann offers flexible times for his clients on weeknights or Saturdays. This alleviates the need for a person to have to go to someone’s office or worse, inviting a person to their home.

“Long-Term Care will impact you, your family, your savings and your lifestyle. Affordable Long-Term Care Insurance adds the peace-of-mind most people seek so they reduce the risk of running out of money in their retirement due to the high costs and risks of need long-term care either at home or a facility,” McCann said.

McCann recommends several reference websites for research:

LTC Planning News offers articles and resources: www.ltcnews.com

US Department of Health and Human Services: www.longtermcare.gov

McCann’s website also has several outstanding resources: www.mccannltc.net

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McCann Applauds President’s Proclamation on Caregivers

A nationally known expert on Long-Term Care planning has applauded President Donald J. Trump as he proclaims November 2017 as National Family Caregivers Month. Matt McCann says the issue of caregiving is huge and it makes sense to talk about caregivers during Long-Term Care Awareness Month which is also in November.

“Every day, compassionate Americans devote time, energy, and resources to ensure that family members who are disabled, elderly, chronically ill, or injured can remain in the stability and comfort of familiar surroundings. During National Family Caregivers Month, we honor those whose extraordinary selflessness provides others with independence and comfort,” said President Trump.

McCann says the issue of caregiving and Long-Term Care has become an even bigger issue in the past couple of decades as advances in medical science add longevity to our lives. The US Department of Health and Human Services says if you reach the age of 65 you have a 70% chance of needing some type of long-term care service before you pass. The impact on American’s savings is tremendous. The impact on family and caregivers is life changing.

“The President and his Administration has outlined healthcare as a major priority. I applaud President Trump in recognizing caregivers and the role they play in providing help for those who are older or chronically ill,” McCann said.

McCann said he hopes the Trump Administration will fight for tax benefits including an above-the-line tax deduction for qualified Long-Term Care Insurance policies.

“Helping the American people plan for the financial costs and burdens of aging should be a priority. I know the Trump administration supports Health Savings Accounts which can be used to pay for LTC insurance using pre-tax money. An above-the-line deduction will allow more people to plan in advance, before they retire, so they can safeguard their 401(k) IRA 403(b) and other assets. Plus LTC insurance policies makes it easier on family be reducing the burden placed on them. It also provides the money for quality caregivers in the setting they desire,” McCann noted.

“Each November we acknowledge the commitment of exceptional Americans who embody the compassion and spirit of our Nation. We support the life-affirming work of our Nation’s caregivers and thank them for the sacrificial devotion that improves the lives and honors the dignity of their loved ones,” the President said.

McCann said he will work with the President and Congress to make affordable Long-Term Care insurance even more available by providing the tax incentives which will not only protect the savings of American families but protect the budgets of state and federal government programs like Medicaid so the poor have the benefits they need as well.

He suggests a number of online resources which are valuable for planning and education during Long-Term Care Awareness Month:

US Department of Health and Human Services – https://longtermcare.acl.gov/

LTC News – www.ltcnews.com

Plus his website: www.mccannltc.net

 

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Long-Term Care Awareness Highlighted in November

November in Long-Term Care Awareness Month. This is an outstanding time of year to think about not only your older family members and how aging is impacting them but your own planning for the financial costs and burdens of aging.

“Long-Term Care is about family. As the holidays approach our thoughts are squarely on family. This is the time we see older family members and how the aging process has impacted their life. We realize the financial costs and burdens of aging will have a significant impact on our own savings and loved ones. This is why the holiday season is when many people start their planning,” said Matt McCann speaking to insurance agents on LTC planning.

McCann reminds us the cost of long-term care is high and not covered generally by health insurance or government programs like Medicare (outside of skilled care for a limited amount of days).

“The effect on your savings and lifestyle can be tremendous. The impact on family also creates a huge burden. Without an advance plan the consequences of Long-Term Care get placed on the shoulders of adult children, often a daughter or daughter-in-law,” McCann explained.

He said family members have their own families, careers and responsibilities.

“Most people just don’t want to place this burden on their family. Spouses are usually not able to be caregivers either because of their own health or age. Caregiving is not easy. Managing outside caregivers also is a big responsibility. Pressure to do the right thing and manage your money while dealing with the emotions of the situation is hard for most anyone,” McCann said.

Former First Lady Rosalynn Carter said, “There are only four kinds of people in the world: those who have been caregivers, those who are currently caregivers, those who will be caregivers, and those who will need caregivers.”

“LTC Awareness month gives us the time to think, plan and act. We need to make sure our older family members are doing ok. In today’s society we often don’t see extended family as much as we would like. With the holidays fast approaching this is a perfect time to check to see if they are living in a safe environment. Do they need help and assistance with normal living activities. Do we need to help advocate for them for quality care and assistance? These are things we should be thinking about during this month especially,” he said.

McCann notes that the best time to plan for your own future needs is before you retire.

“Long-Term Care Insurance is Easy and Affordable Asset Protection. When designed by a specialist who understands underwriting, claims and policy design an affordable plan can be put in place to safeguard retirement savings like a 401(k) IRA and 403(b). This is where a specialist comes into play,” McCann said.

McCann works with consumers nationwide. He also helps local agents and advisors design plans for their clients.

He suggests a number of online resources which are valuable for planning and education during Long-Term Care Awareness Month:

US Department of Health and Human Services https://longtermcare.acl.gov/

LTC Newswww.ltcnews.com

White House Department on Aging – Caregiving Resourceshttps://archive.whitehouseconferenceonaging.gov/happening/resources-caregivers.html

American Association for Long-Term Care Insurance (AALTCI) www.aaltci.org

Plus McCann’s website has outstanding resource information available to consumers and financial professionals – https://mccannltc.net/resources

“Peace-of-mind is something most of us desire. Use this November to give the gift of peace-of-mind and safeguard your savings with affordable LTC Insurance,” McCann said.

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Medicare and Medicaid Long-Term Care Coverage Information

health insurance Medicare Medicare Supplement

We are hearing a lot of talk about Medicare and Medicaid. When it comes to Long-Term Care these programs have limited benefits.

Medicare is health insurance for those age 65 and older. It will pay (along with your supplement) 100 days for skilled long-term care. That is it.

Medicaid is health care for the nation’s poor. It has a long-term care benefit BUT you must have very limited assets in order to qualify.

This link explains it all: https://mccannltc.net/resources/medicare-and-medicaid-coverage-information

See the information for your state, including tax benefits and partnership availability for affordable Long-Term Care Insurance: https://mccannltc.net/resources/state-information

Long-Term Care will impact you, your family, your savings and your lifestyle. Affordable LTC insurance will safeguard your future retirement savings from the financial costs and burdens of aging.

See how easy and affordable LTC insurance can be. Get free quotes and learn your options: https://mccannltc.net/quote

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Alzheimer’s in Recent NCIS TV Episode

A Bowl of Cherries

CBS-TV’s NCIS on their April 4th episode deals with Alzheimer’s and memory loss when agent’s mom reveals her problem. The emotional scene reminds us that memory loss and aging issues impact every family. Memory problems are one of the major reasons people

require long-term care. The impact on family is tremendous. It impacts your savings, your lifestyle and places a huge amount of burden on loved ones.

Watch the scene: https://www.facebook.com/matt.mccann.longtermcare/videos/10155230166306757/

Advance planning will reduce the burden any type of Long Term Care places on family. Affordable LTC insurance will protect assets and allow family members to be loving and supporting. The financial costs and burdens of #aging will impact you and your family Act before your #retirement – get your free guide on long-Term care planning –  and learn about your options, including partnership plans which provide additional asset protection and single premium “hybrid” plans with death benefits. www.mccannltc.net

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