Tax Incentives and Long-term Care Insurance

I have discussed the importance of having long-term care insurance. Since we are now living longer, healthcare issues have become more prevalent. Over time the cost can be exuberant and consume all of the family's assets. A previous survey of the Health Insurance Association of America revealed that 48% of those turning age 65 will make use of a nursing home and and 72% will use home care. Long-term care insurance covers the costs of a nursing home, assisted living and home care depending upon the coverage your purchase.

Tax laws at the federal and state levels provide incentives for individuals and businesses to purchase qualified long-term care insruance policies, with the goal of decreasing reliance on Medicare and Medicaid both of which may experience capacity issues in the future.

Browse some of my other blogs on this topic to educate yourself on your needs and your next steps. Leave your comments here or contact us at www.ythlaw.com

Assisted Living

Today, we continue to address elder law issues. Previously, we discussed staying at home when there are acute health challenges for seniors. But, what if you can not stay in your home? What are the other options and how do they rank in meeting the needs of seniors?

There has been an increase of supportive housing alternatives. The options are no longer limited to an agonizing choice between staying at home and moving to a nursing home.

Assisted living facilities are one supportive housing alternative that has experienced significant growth. These facilities provide room, board and 24 hour supervision as well as help with some of the activities of daily living. Housing is often in small apartments where there are medical supervision and recreational options.

Assisted living facilities are not as costly as nursing home care though the expense is significant. Where the average cost in 2009 for nursing homes in Pennsylvania is approximately $7,000, for assisted living facilities, the average cost is approximately $3,000. The cost varies depending upon the level of service provided by the facility and the specific needs of the person.

Do you have an experience to share with our readers? Leave a comment or contact us at http://www.ythlaw.com/