Tuesday, March 31, 2009

Klobuchar Looks to Make Long Term Insurance Affordable

Minnesota Senator Amy Klobuchar is introducing legislation she hopes would save Medicaid billions while making it easier for the nation's workforce to afford long-term insurance premiums. Klobuchar, and six other Senators introduced a bill to permit employees to pay for long-term care insurance premiums and out-of-pocket expenses on a tax-deferred basis.

While costs for elder care continue to rise, only seven percent of employees have the option of signing-up for long-term care insurance and only ten percent of seniors have the benefit.

Klobuchar says millions of families are coping with the challenges and costs of caring for the long-term health of their loved ones.

The Long-Term Care Affordability and Security Act of 2009 would change the tax code, to give employers the option of allowing tax-deferred long-term insurance premiums and provide protections for consumers who buy long-term care insurance.

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At March 31, 2009 at 2:48 PM , Blogger Jesse Slome said...

That would be an excellent move. Small business owners already enjoy tax advantaged benefits when planning for long-term care.

Far too many people put off getting the facts about long-term care insurance. The two most important facts to know are 1) that you must health qualify for this protection (easier to generally do in your 50s), and 2) there are many ways to "right size" your protection and bring the cost way down.

Planning is especially important for women who are living alone. They live longer. They have a far greater chance of needing long-term care. And (best of all) they pay the same for insurance as men.

A final important point. The cost for long-term care insurance can vary significantly from one insurer to another. That's why one really wants to talk to a knowledgeable professional with access to more than one policy.

Finally, may I suggest that consumers interested in learning more about long-term care insurance visit the Consumer Information Center of the American Association for Long-Term Care Insurance. It has the most comprehensive and current information on pricing, a listing of leading LTC insurers (and their ratings), how to save and even the latest tax deductibility rules from the Internal Revenue Service and states. It is available free of charge from the industry's trade organization.

It is the best unbiased source of information on long-term care insurance freely accessible to the general public. Click on this link now to access the Consumer Information Center of the American Association for http://www.aaltci.org/long-term-care-insurance/

Jesse Slome
Executive Director
American Association for Long-Term Care Insurance


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