As the Democratic Presidential contest winds down Hillary Clinton was in North Carolina pitching a proposed law that would gives families, caregivers, and long term care insurance premiums a tax break as she sees the high cost of long term care a hardship for American families.
Her proposal calls for a $3,000 tax credit to an individual with major long-term care needs or even their caregivers, a tax credit to cover 75% of long-term care insurance premiums and expansion of the Family and Medical Leave Act to cover employers with 25 or more workers.
Tax proposals like this are going to be imperative for America’s Seniors so that they can have a plan for if and when they do need long term care services in-which this year are averaging $77,563 per year. Most people ask themselves where will they get that kind of money? If a person can deduct the long term care insurance premiums off their taxes that is a huge first step in the right direction.
Clinton mentioned in her town hall meeting: “It is important that we all recognize that praying for our country, praying for people in positions of authority is what people of faith are called upon do; Despite the American birthright of being able to complain about politicians, which I totally accept, I think we all recognize the sacrifices of people who put themselves into the arena of politics.”
At LTC Tree we watch the news reports closely because a financial plan with long term care insurance can be the difference in having assets to live off of throughout your retirement and having to depend on government assistance because a person didn’t plan. Tax breaks like this will help the average person with the premiums so that they can insure that they won’t be a burden to their kids. Take a minute or so to simply fill in this form. We work with most all the blue-chip companies and will mail you out the top 5-6 quotes.
