If you are talking to your family, your elderly loved ones, about possibly adding long-term elder care insurance to their policy, there are many benefits to this, and there are also a few risks. One of the most significant benefits to this type of long-term insurance is that some of the policies that you can get will be eligible for tax deductions.
This isn’t a universal fact, though, as each policy will have its own limitations and the tax code is so complex that you would need ten years to read through the entire thing (that is a bit of an exaggeration, but not by much any longer). If you are considering long-term elder care insurance and you want to know whether it will be tax deductible, contact an insurance provider that offers these types of policies as well as a certified public accountant (CPA) to know for sure before you apply for the policy.
If the policy that you choose is actually tax deductible, then it will most likely allow you to take more tax deductions each year for it. That can reduce the actual out of pocket expenses that you will incur as a result, saving you money while you plan ahead for the prospect that you may require elderly home care or elderly health care at some point in your life.
Now, when it comes to planning for long-term care, few people actually think about the prospect of requiring elder care at some point in their lives. These same people hire professional advisors who will look at their finances, their income, and determine how much they should set aside every month and how much they should invest and where so that when they retire they have enough money to afford the lifestyle that they want.
However, few of them will actually talk about or encourage long-term care planning. Yet for the millions of seniors in the United States right now who are relying on home care of some kind at this moment, how many of them would have benefitted from more planning that would have taken this aspect into consideration, if they had known about it?
Elder care could be affordable, or it could be expensive, depending the type of care that you’re talking about and how much you would need. Planning now for long-term elder care is the right option. Speak to a professional advisor to determine what tax benefits long-term care insurance could offer you.
If you or an aging loved one needs elder care in the Elk Grove, CA area, remember Senior Home Care Services for all services needed. Call us at (916) 514-7006 for more information.
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