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Pay Attention to the Small Details When Dealing with Long-Term Care Insurers

Nov 4, 2020

A long-term care insurance company recently cancelled the insurance coverage of an elderly woman who accidentally wrote the wrong amount on her premium check. The case illustrates the need for policyholders to pay attention to the details. Madeleine Maldonado, of Concord, Massachusetts, had a long-term care insurance policy through AIG. According to an article in…

IRS Issues Long-Term Care Premium Deductibility Limits for 2021

Oct 29, 2020

The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2021 income as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of…

Where Trump and Biden Stand on Issues Important to Older Americans

Oct 19, 2020

With the presidential election only a few weeks away — and early voting already underway in many states — it is important for voters to know the candidates’ positions on issues like Medicare, Medicaid, and Social Security.  Social SecurityPresident Trump has issued an executive order deferring payroll (including Social Security) taxes until the end of the…

How to Fix a Required Minimum Distribution Mistake

Oct 14, 2020

The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff penalty.   If you have a tax-deferred retirement plan such as a traditional IRA or 401(k),…

What to Look for When Buying an Annuity

Sep 30, 2020

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 which the consumer pays the company a certain amount of money and the…

Medicare May Not Cover the Coronavirus Vaccine After All

Sep 24, 2020

While Medicare would cover a coronavirus vaccine approved through normal channels, if the Food and Drug Administration approves the vaccine through an emergency use authorization (EUA), Medicare will not cover it unless the government acts.  As previously reported, the CARES Act provides that if a COVID-19 vaccine becomes available, Medicare is required to cover this vaccine…

Medicare Open Enrollment Starts October 15: Is It Time to Change Plans?

Sep 21, 2020

Medicare’s Open Enrollment Period, during which you can freely enroll in or switch plans, runs from October 15 to December 7. Now is the time to start shopping around to see whether your current choices are still the best ones for you.   During this period you may enroll in a Medicare Part D (prescription…

How Secure Is Social Security?

Sep 15, 2020

For years people have been worried about Social Security’s future, but what is the actual outlook? According to the federal government, unless Congress acts to intervene, Social Security shortfalls are expected beginning in 2035. Social Security retirement benefits are financed primarily through dedicated payroll taxes paid by workers and their employers, with employees and employers…

Don’t Wait Too Long to Purchase Long-Term Care Insurance

Sep 8, 2020

The older you get, the harder it is to qualify for long-term care insurance. If you are interested in buying this insurance, it is better to act sooner rather than later. Many people put off purchasing long-term care insurance until they need it, but by then, it may be too late. Not only do premiums…