The CPA Group, P.C.

 

4267 Canal Avenue SW

Grandville, MI 49418

Phone: 616-538-0460

 

Website: www.thecpagroup.com

April 2023

April 2023 Client Profile

Thoughtful hispanic female sit at home workplace hold financial documents look on pc screen check data. Serious young woman think on business offer compare terms conditions in paper letters and online

Elizabeth is considering whether she should buy long-term care insurance. She’s 35 years old and healthy, so she’s not sure it’s the best use of money now. What should she consider when making a final decision?


Long-term care insurance generally covers a portion of the expenses incurred due to a chronic medical condition. Most policies will pay a percentage of the cost of care in your home, an assisted living facility, or a nursing home.


Most people think of it as coverage for old age needs. But, long-term care insurance provides aid should you develop an illness or incur an accident at any age.


Elizabeth’s annual premiums will likely be lower since she is currently healthy. However, actuaries look at your family history, including DNA ancestry sites to see if you are likely to develop a long-term disease like Alzheimer’s and Parkinson’s.


Qualified long-term care insurance premiums can be deducted if you itemize on Schedule A. However, there are deductible limits based on age.


On average, 70% of Americans
over 65 will need some form of
long-term care service in their lifeime.


Source: Longtermcare.gov


Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.


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