Hybrid Long-Term Care Insurance News Generated By Association's Awareness Month Campaign
Some Hybrid Long-Term Care Insurance Offers Tax Deductibility Benefits
"Few business owners are aware that Uncle Sam offers tax benefits for those purchasing hybrid long-term care insurance," explains Jesse Slome, director of the long-term care insurance organization. "Tax deductibility is now possible with some of the hybrid long-term care policies people are increasingly purchasing."
Earlier this month of the Association kicked off their campaign with a nationally distributed release. According to the Association, an increasing number of insurance companies are offering hybrid long-term care options. "The plans can vary however in terms of meeting the criteria for tax deductibility, policy costs as well benefit provisions. "It makes comparing the available options most worthwhile,"
The Awareness Month campaign has already generated news stories in over 100 media outlets nationwide. "We are extremely pleased with the results and the interest," Slome shares. In addition to focusing on tax deductibility of certain hybrid LTC policies, the organization undertook an Awareness Month effort to educate consumers about important policy differences.
Among hybrid long-term care policies, potentially significant differences include how an insurer eventually pays claims, Slome explains. "The differences can vary most in terms of how home care benefits are paid," he notes. "Some policies utilize a reimbursement formula with specific contractual limitations regarding who can provide care. Alternatively, a cash benefit method provides payments without such limitations including the ability to pay family members who are providing care."
To learn more about both traditional or hybrid long-term care insurance visit the American Association for Long-Term Care Insurance website at https://www.aaltci.org/