Tag Archives: 3in4 Need More Campaign

Longevity Alert: As America Ages, Long-Term Care Costs Could Overwhelm Most Families, say ACSIA Partners

KIRKLAND, Wash. /ScoopCloud/ -- The number of Americans age 65 and older is on track to double -- from 46 million now to over 98 million in 2060, when today's 20-somethings will be turning 65. At that time the 65-plus age group's share of the population will have jumped to 24-percent from 15-percent today. "Think of it," says Denise Gott, CEO of ACSIA Partners, "one in four of us will be in the older group, at high risk of needing long-term care."

The concerning statistics are from "Aging in the United States," a study published by the Population Reference Bureau (PRB).

The proliferation of older Americans places a big burden right now on all breadwinners in their prime productive years (20 through 65), Gott asserts. According to the PRB, by 2030 there will be only 2.8 working-age adults for every person 65 and older, down from 5.0 in 2000.

Because of this, today's working-age citizens, now building our economy and their own economic futures, will be hit by a double-whammy, according to Gott.

The first part of the double-whammy has to do with one's aging parents. According to the U.S. Department of Health and Human services, almost three in four aging Americans will need some form of long-term care after 65. "For a working couple with two sets of parents, the odds of financial impact are very high," says Gott, "if any of the parents lacks the resources for their own care."

The second part of the double-whammy is that the younger couple may need long-term care services themselves at some point. "After dealing with mom and dad, they'll need to be ready to care for one another; or to pay professionals to do it."

Long-term care services can be expensive, costing from tens of thousands to $100,000, $200,000 or even more per year, depending on location, type of services, and type of claim. Multiply that by the number of family members needing care, and the cost can become prohibitive.

But the financial impact extends beyond care costs. It often involves income loss from interrupted employment as well. According to a study by the MetLife Mature Market Institute, America's 10 million employed caregivers face $3 trillion in lifetime losses for missed pay, pensions, and social security. That amounts to $304,000 per worker (typically the female half of a young couple).

"Long-term care has always been expensive and a key cause of impoverishment in one's later years," says Gott. "As America ages, the cost challenge promises to increase."

What can be done about it?

"Forward-looking public policy would help," says Gott. "But there's plenty people can do on their own."

"The key is to develop a long-term care plan," Gott continues. "It's especially important for today's younger, productive couples. It's the only way to control costs and head off avoidable threats to one's income, assets, lifestyle, and future."

Long-term care planning can be done independently but Gott recommends consulting a licensed specialist. "The process is emotional and the options and pitfalls are vast. You need a calm, collected professional to hold your hand."

ACSIA Partners has hundreds of state-certified long-term care specialists in all parts of the country. "They're glad to talk with consumers and business executives about any and all care-related concerns and actions, financial and otherwise," says Gott. Specialists develop group plans for employers as well as individual plans for families.

ACSIA Partners LLC -- https://www.acsiapartners.com -- is one of America's largest and most experienced long-term care insurance agencies serving all states. The company is also a co-founder and sponsor of the "3in4 Need More" campaign, which encourages Americans to form a long-term care plan.

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The number of Americans age 65 and older is on track to double -- from 46 million now to over 98 million in 2060, when today's 20-somethings will be turning 65. At that time the 65-plus age group's share of the population will have jumped to 24-percent from 15-percent today. "Think of it," says Denise Gott, CEO of ACSIA Partners, "one in four of us will be in the older group, at high risk of needing long-term care."

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It’s Tax Time, and Millions Could Miss Sizeable Deductions for Long-Term Care Insurance, ACSIA Partners Says

KIRKLAND, Wash. /ScoopCloud/ -- If you're considering long-term care insurance, or already have a policy, "Tax time is a good time to look for help from Uncle Sam," says Denise Gott, CEO of ACSIA Partners, one of the nation's largest long-term care insurance agencies. "And the help you get could be more than negligible."

Possible deductions range from hundreds to thousands of dollars per year, Gott points out. "Millions may qualify, but will lose out if they fail to apply."

For the taxable year beginning in 2016, the limitations under Section 213(d)(10) of the IRS tax code, regarding eligible long-term care premiums includible in the term "medical care," are as follows:

Attained Age Before Close of 2016 Taxable Year / Limitation on Premiums:
* 40 or less: $390
* More than 40 but not more than 50: $730
* More than 50 but not more than 60 $1,460
* More than 60 but not more than 70: $3,900
* More than 70: $4,870

"If you're covered now," says Gott, "you should be sure to claim what's coming to you. And if you're considering a policy, why not get it while tax savings are on your mind?"

For 2017 the limitations are about 5% higher than in 2016:

Attained Age Before Close of 2017 Taxable Year / Limitation on Premiums:
* 40 or less: $410
* More than 40 but not more than 50: $770
* More than 50 but not more than 60 $1,530
* More than 60 but not more than 70: $4,090
* More than 70: $5,110

"The limits have been increasing every year," says Gott. "What's more, they apply to every covered individual in a household. For example, a qualifying husband and wife filing jointly could deduct up to $7,800 for 2016, and up to $10,220 for 2017; and so on for as long as the legislation remains in force."

The original idea was to encourage Americans to protect themselves, according to Gott, "and we believe the Trump administration will support this philosophy going forward."

ACSIA Partners has hundreds of long-term care specialists in all parts of the country. "During tax season," says Gott, "they're glad to talk with consumers and financial advisors about policy costs and tax adjustments. They do not give tax advice, but can help explain the tax incentives. For tax advice, people need to consult their tax professional."

ACSIA Partners LLC -- http://www.acsiapartners.com -- is one of America's largest and most experienced long-term care insurance agencies serving all states. The company is also a co-founder and sponsor of the "3in4 Need More" campaign, which encourages Americans to form a long-term care plan.

If you're considering long-term care insurance, or already have a policy, "Tax time is a good time to look for help from Uncle Sam," says Denise Gott, CEO of ACSIA Partners, one of the nation's largest long-term care insurance agencies. "And the help you get could be more than negligible."

This version of news story was published on ScoopCloud™ (ScoopCloud.com) - part of the Neotrope® News Network - all rights reserved.