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Follow on Google News | Long Term Care Insurance Growth Anticipated As HSAs Gain AcceptanceHealth Savings Accounts have grown to more than $14 billion in assets which a long term care insurance expert predicts will lead to more insurance sales.
“It takes a while for any new tax favored benefit to gain acceptance,” According to data researched by Devenir an investment firm that specializes in providing investment options for HSAs, the average account balance for the first half of 2012 grew to $1,996 an approximately 10 percent increase over the prior year. “Few people are aware that long term care insurance premiums may be paid from a Health Savings Account up to the IRS limits set each year,” Slome one of the nation’s leading long term care insurance experts explains. For 2012 the Internal Revenue Service has established a limit of $350 for an individual age 40 or less and $660 for someone who is more than 40 but not more than 50. “The average age when individuals start buying long term care insurance is mid 50s according to Slome. “At younger ages the costs are lower and using a tax-advantaged HSA account to pay for some or all of the coverage is a tax-smart planning idea,” Slome acknowledged. The Association notes that in recent years more small and mid-sized businesses have been offering long term care insurance to their employees on a voluntary basis. “I’ll bet few know they can have employees use their HSAs to pay for this benefit,” Slome notes. “But over time awareness will grow as will the number of people taking advantage of this protection.” For more information, connect with a member of the American Association for Long-Term Care Insurance. The organization serves the public by educating Americans about the importance of planning for the risk of needing long term care. For additional information on long term care insurance costs http://www.aaltci.org/ End
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