The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2020 income as a result of buying longterm care insurance. Premiums for “qualified” longterm care insurance policies (see explanation below) are tax deductible to...
After small or no increases the past couple of years, Medicare’s Part B premium will rise sharply in 2020. The basic monthly premium will increase $9.10, from $135.50 a month to $144.60. The Centers for Medicare and Medicaid Services (CMS) announced the premium...
Federal law requires the state to attempt to recoup benefits paid for long-term care from a Medicaid recipient’s estate after the recipient’s death. If steps aren’t taken to protect the Medicaid recipient’s house, it may need to be sold to...
Medicare’s Open Enrollment Period, during which you can freely enroll in or switch plans, runs from Oct. 15 to Dec. 7. Don’t let this period slip by without shopping around to see whether your current choices are the best ones for you. During this period...
An annuity can be a useful tool for long-term care planning, but annuities are also complex financial products that are hard to understand. If purchasing an annuity, you need to consider your options carefully. An annuity is a contract with an insurance company under...
A new report finds that almost all retirees are deciding to take Social Security at the wrong time, and are losing out on more than $100,000 per household in the process. The average Social Security recipient would receive 9 percent more income in retirement if they...
