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Did you know that the month of November was declared Long Term Care Awareness Month and also National Family Caregiver's Month?  But once care-giving services are needed, it is probably too late to purchase long-term care insurance. 

Everyone over 50 who hasn't done long-term care planning needs to take a look at this important piece of their retirement planning.  Traditional health insurance isn't designed to cover long-term care, and many Americans may need coverage at some point in their lives. 

Long-term care means not only care in a nursing home, but can also mean nursing care in your own home and help with the activities of daily living, such as dressing, eating, bathing and taking medicine.  With the average cost of a nursing home stay at $140 per day, it could mean more than $4,000 a month in expenses.  That's why it's important for Americans to plan for their future needs.

The Internal Revenue Service (IRS) has announced increased deductibility levels for long-term care insurance policies purchased in 2009. However there is still time to take advantage of tax deductions for 2008. 

You owe it to yourself and your family members to look into some type of coverage.  To learn more, please consult your Rea & Associates tax advisor.   

  - Lisa Beamer, CPA (New Philadelphia office)


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