Buying Long Term Care insurance means you won't burden family or have to use up your savings nest egg.

Having children be a full time care giver for a parent is especially difficult. It's even more so and very emotional for them to provide personal care. It is also a significant burden on other relatives. The solution is to have access to a pool of funds so professionals can be hired to do this difficult work. This means family members will be free to manage the assistance you receive; to care about you; plus help as they can.

Call John C Parker today at 860.739.0005 to talk about not being an emotional, physical, and financial burden on your family!!

Buying this special kind of insurance, which might be called a "key" family protection© means you gain values such as:

1. A protective wall for your income and savings! In other words you won't end up poor paying for high cost of professional help.
2. Being in control of the kind of help you need and where!
3. Being able to maintain as much independence as possible and thus retain your dignity.
4. Receiving more help. How? Individuals with this special protection receive an average of 14 more hours of personal assistance vs. those without insurance.
5. Not having to worry about conflict, which often develops among children over spending all the funds in your savings nest egg for one parent's care vs retaining them as retirement funds for the other.

Having a pool of funds, which is guaranteed is much better than saying I'll just apply for government care. Many people think MedicAID (welfare) provides all kinds of long term services and support. It's usually only available in a nursing home! Some points:

First - there is no guarantee MedicAID will be available.

Second - Continuing state and federal budget problems results in reimbursements at 50% or more below the facilities cost. This in turn raises questions about quality of care! Consequently, do you and your family really want to find yourself in the kind of lifestyle and receiving services that comes with being on welfare? More information on how government care works

     Bottom line - No one can predict tomorrow thus the saying - Life is what happens when you are making other plans really emphasizes the value you gain by buying this special kind of 'long term' health insurance.

In addition to all the values you gain you also receive a tax deduction!

A person who purchased a tax qualified Long Term Care insurance plan gains an aged based deduction. The schedule for the partial deduction in 2010 is - age 40 and under = $330 - 41 through 50 = $620 - 51 through 60 = $1,230 - 61 through 70 = $3,290 - 71 and older = $4,110. These amounts are adjusted each calendar year.

Some other points about the flexibility available in the IRS Long Term Care deduction, which are quite different from the way health insurance is deducted:

1. For Individuals: Your age based deduction is added to other unreimbursed medical related expenses you may have and during 2010 any amount greater than 7.5% of adjusted gross income can be deducted when completing the IRS 1040.
2. Business owners operating as a Sole Proprietor, a Partnership, or in an LLC have more flexibility: The full premium can be taken as a business expense. However, the premium paid by the business, above the age based schedule amount, generally is taxable  income to the covered business owner.
3. Incorporated businesses: The entire premium is a business expense and there is no taxable income to the employee or owner when the premium is paid or when benefits are received.
4. A special advantage for any business - the organization can be selective on whom they buy coverage.

Call John C Parker today at 860.739.0005 to talk about how you can gain these values!

The next page has important information on the advantages to planning today for long term care services.