According to The American Association for Long-Term Care Insurance, “Americans are living longer, with 14 million requiring long-term care (LTC) and expected to grow to 27 million by 2050, as life expectancy for those 65+ is 20 years on average.” Often times as life evolves during the course of an aging adult’s life, unforeseen tragedies occur like falling accidents and the injuries associated with them, spouses passing away shortly after receiving an Alzheimer’s or dementia diagnosis, and illnesses or diseases like MS and Parkinson's take hold. In cases like these, people often find themselves unprepared for the $140,000/yr. average out-of-pocket costs of healthcare and senior living.

“Many folks tend to purchase LTCI between the ages of 52 and 64. However, if a chronic condition strikes in their late 40’s or 50’s, qualifying for long-term care insurance may no longer be an option,” says Jacqueline McGrade, sales and marketing director at Belmont Village Senior Living Coral Gables. “It’s best to think ahead and question whether yourself or a loved one is financially prepared for what their circumstances may call for in the future. Those costs fluctuate depending on the individual’s personalized care needs. They are apt to reach a critical juncture where they must consider healthcare costs associated with aging, the level of care an individual needs such as overall safety, healthcare, and daily requirements.”

10 Tips for Selecting a LTC Policy:

1. Compare several insurance companies’ coverages and their respective processes for being enrolled.
2. Look for inflation protection coverage, which is likely to increase in cost over time.
3. Ask if the policy you choose allows for one spouse to use the others policy benefits?
4. Review long-term care policies thoroughly. Many policies do not allow the insured to cash out their benefits.
5. Note death benefits. Death benefits vary for most and are not part of a stand-alone LTC policy.
6. Ensure you are getting a policy with that will reimburse retroactively vs. the traditional 90-day standard.
7. For just 10-20% more, some policies will provide twice the potential benefit.
8. Verify if your LTC policy premium is tax deductible.
9. Find out if your policy will accept IRA or retirement accounts to fund the premium.
10. If you are a veteran, you may be eligible for a federal pension plan that provides up to $2,200 monthly to cover the cost of caregivers, assisted living and memory care— in addition considering to LTC insurance.

“One of the little-known benefits for certain long-term care insurance is the ability to deduct some or all of the cost during retirement years,” says Jesse Slome, Director of the American Association for Long-Term Care Insurance (AALTCI). “For a couple older than age 70, the new IRS rules may enable them to deduct almost $12,000 tax deductible limits for 2023 will increase between 6 and 7 percent.”

More information can be found at The American Association for Long-Term Care Insurance advocates (https://www.aaltci.org/tax) or call 818-597-3227 to connect with a long-term care insurance professional.

About Belmont Village Senior Living

Founded in Houston in 1998, Belmont Village is an integrated developer, owner, and operator of high-quality seniors housing with more than 4,000 employees. Its 33 locations across the country and in Mexico City, provide award-winning assisted living and memory care programs and ongoing collaborations with Baptist Health South Florida, USC, UCLA, and more to continually improve their cognitive health and evidence-based enrichment programs. Renowned for distinctive design, high standards of life and safety, and reputation for leading edge, quality of care, Belmont Village is certified as a Great Place to Work^® and has been ranked as one of FORTUNE Magazine’s 50 Best Workplaces for Aging Services since 2018. Recently, Belmont Village and Baptist Health broke ground on an innovative senior living community in the heart of Coral Gables. www.belmontvillage.com, LinkedIn, Facebook, Instagram and Twitter.

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