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FIVE THINGS EVERYONE SHOULD KNOW ABOUT
LONG-TERM CARE
Click here to see the online Video
There are many myths about long-term
care. Following are important but little known facts offered by
Barbara Franklin, a specialist in long term care planning and
financing. |
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Most
long-term care happens at home. While commonly associated with
nursing homes most long-term care is provided at home. According
to the American Association of Long-Term Care Insurance, more
than 7.6 million individuals with long-term care needs currently
receive care at home. One million reside in assisted living
facilities and another 1.8 million are in nursing homes.
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Long-term
care is a women’s issue. On average, women outlive men by about
five years. More than 70 percent of nursing homes residents are
women. Experts advise that planning for long-term care is
especially important for women who are divorced, widowed or
single.
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Planning
should begin pre-retirement. Research shows that 45 percent of
individuals applying for insurance protection between the ages
of 70 and 79 were declined due to existing poor health
conditions. Between ages 50 and 59, nearly 86 percent of
applicants still qualified and were eligible for significant
preferred health discounts.
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Insurance
protection can be made affordable. More than eight million
Americans have already chosen to protect themselves with
long-term care insurance. There are numerous discounts available
for those in good health, for married couples or partners living
together. These discounts can reduce the cost from between 20 to
40 percent annually.
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Insurance can be tax deductible.
A growing number of states now offer tax incentives to encourage
Americans to take personal responsibility for their future
long-term care needs. In addition, business owners have
especially favorable tax-advantaged options, which may allow
them to fully deduct protection for themselves, their spouses
and sometimes even their parents.
Click here for current deductibility limits
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