Many people would prefer not to think about the possibility of needing long-term care down the road. \u201cAfter all,\u201d they rationalize,\u201d won\u2019t my dear daughter\/daughter in law care for me in my old age?\u201d They therefore do not see long-term care insurance as relevant to them. This may be a big mistake. Considering the potential cost of long-term care, as well as other factors, it could prove even more costly to put it off. Here are a few reasons you may want to consider long-term care insurance:<\/p>\n
Protect Your Assets<\/strong><\/p>\n Without insurance it may be necessary to pay for long-term care out of pocket. This could require selling off assets, borrowing from a retirement account, or even taking a loan against your life insurance. This is probably not what you had in mind when you began saving for your future or purchased life insurance. All the assets you worked so hard to earn throughout your life could be wiped out. Long-term care insurance is an affordable way to protect those assets.<\/p>\n You\u2019re in Charge<\/strong><\/p>\n Long-term care insurance may be provided in the setting of your choice, including your home, an assisted care living facility, adult day care, or nursing facility. If one is without long-term care insurance the setting is often determined by available financial resources rather than preference.<\/p>\n Relief for Your Family<\/strong><\/p>\n Issues of caregiving can cause a lot of stress for family members. They may have to help with bathing, dressing, and many other uncomfortable tasks. It can also cause financial stress, as family membersmay have to miss time from work or even leave their job completely to meet the demands of full-time care. It is also important to consider the emotional impact on family members taking care of a parent. Parents are figures of strength and control to their children, and the role-reversal of caring for a parent with a physical or mental illness can be extremely emotionally taxing to their children.<\/p>\n Tax Benefits<\/strong><\/p>\n The premiums for long-term care insurance are 100% deductable for the owner (who is also an employee) of an S-corporation or partnership(they are not subject to the 7.5% floor of medical expenses for individuals). There are, however, age-based limits on the deductable amounts.<\/p>\n For a C corporation, long-term care insurance policies offer a tax incentive to both the employer and employee. The policy premiums are 100% deductible to the business as health insurance, and are not taxable to the insured as income. There are no age limitations for the deduction for a C-corporation.<\/p>\n Ensure the quality of your health care while enjoying financial security. Invest in long-term care insurance while still healthy. Give yourself a holiday gift and take care of yourself.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" There are many financial and non-financial benefits of having long-term care insurance. One can safeguard his assets and his health by having long-term care insurance.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,11,23],"tags":[128],"class_list":{"0":"post-352","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-small-business-forum","7":"category-income-taxes","8":"category-taxes","9":"tag-long-term-care-insurance","10":"entry"},"_links":{"self":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=352"}],"version-history":[{"count":0,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/352\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}