If long-term care insurance (LTCI) premiums were fully deductible on federal and state taxes, do you think more people would be inclined to purchase coverage? We do. Today, premiums on tax-qualified long-term care insurance policies may be deductible depending on how policyholders file federal taxes. In most cases the amount of the deduction is restricted
In previous blogs, we’ve written about the shortage of caregivers and the likelihood that many baby boomers are destined to be elder orphans. In his Think Big article on robo-caregiving, Joseph F. Coughlin, director of the Massachusetts Institute of Technology AgeLab, explores how our aging demographics and advances in technology are creating innovative changes in
Ever talk with friends about aging? Been to your 50th high school reunion? Consider that in 1935 when Social Security (Old Age Survivor and Disability Insurance) began the average life expectancy was 62. Today it’s approaching 84 for men and 86.5 for women. And some suggest that 67 might be the new marker of old
Try to think past today. It’s hard to do because we are so focused on work, family, politics and social issues that take up all of our available time. But that can leave the future unplanned. A pretty common concern today is outliving money planned for retirement. Do you think you will live a long
People will continue to age. We are living longer and the longer we live the greater the chance that we will need long-term care. The government projections are that by the time we reach age 65 that 70% of us will experience a long-term care event. Today, as in years past, the majority of care
Just Sweet 16… Not really. Long-term care insurance (LTCI) is 45 years old this year. But that’s still in adolescence as far as claims history is concerned. I started my business in 2002. It was one of the most robust years in the history of long-term care insurance. I remember industry pundits predicting that it
When we consult with clients about long-term care expense planning we always ask what they want to accomplish by exploring insurance. Most of our clients have children. Not being a burden to their kids is almost always on the list of objectives that clients detail. It was one of the goals that my parents cited
Yikes! I might be. “Elder Orphan” is a term that is becoming commonplace regarding long-term care and for good reason. Defined: The current definition of an elder orphan is an old person who is single, lives alone, and has no children or support system. Causes: This happens for a number of reasons. Most of my
Weren’t we all led to believe that women are the weaker sex? And the reason women outlive men is because men worked and most women stayed at home. New research based on medical and demographic studies dating back to the 14th century discards old thinking once and for all. It reveals that men are truly
A few years ago, most long-term care insurance carriers introduced gender-based pricing. What does that mean? Women pay more for this insurance. Why? Because we live longer, use more insurance benefits and cost the insurer more money than men. Carriers are pricing to their risk Traditionally in our country, long-term care has been provided at
