Long-Term Care Insurance

As the U.S. population ages and life expectancies increase, the need for long-term care is becoming an important consideration for many individuals and families.

Even if you have a long-term care insurance policy, you may likely be hoping that you won't ever have reason to use it. Regardless of what the future holds, there's one silver lining of which you may not be aware.

Full-time caregiving is a significant time commitment. Fortunately, family members who want to serve as caregivers may have options to help cover the expense.

Assisted living facilities and nursing homes are long-term housing and care options for older adults. Although people sometimes use the terms assisted living and nursing home synonymously, they are distinct.

Are you a taxpayer who has purchased long-term care insurance? Take note of your policy details and your premium amount, as you may be able to deduct the cost - or at least part of it - from your 2023 income.

The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021.

Prices of new long-term care insurance policies for 2021 have have been posted in the annual report from the American Association for Long-Term Care Insurance, an industry group.

Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone. Luckily, there are other options, including government benefits.

The Internal Revenue Service has announced the amount taxpayers can deduct from their 2021 income as a result of buying long-term care insurance.