“Letting an LTC insurance policy lapse,” by Karin Price Mueller, nj.com Quote: “Q, My husband and I are 84 and 85 and we have had long-term care insurance for 17 years. The premiums are going up too much and we are on a fixed income, earning a little over $30,000 a year. We have a good amount of other assets, and we’re trying to decide if we should keep the insurance or cancel it. — Tough decision A. As you know, long-term care insurance can be a very important part of your financial plan. You shouldn’t let the policy lapse without serious
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“CMS allots $30M for new quality measures,” by Marty Stempniak, McKnight’s LTC News Quote:  “The Centers for Medicare & Medicaid Services is asking skilled nursing facilities and other providers to help develop better quality measures — and the agency is earmarking $30 million to sweeten the deal. CMS officials said they want to work hand-in-hand with SNFs, along with doctors, hospitals and patients to flesh out those new measures, which are part of the Merit-based Incentive Payment System, according to the announcement. … SNFs and other stakeholders have until May 2 to apply for grant funding, with awarding of the
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“The 37 States That Don’t Tax Social Security Benefits,” Fox Business Quote:  “When you think of double taxation, you might think of dividends. After all, they’re paid to you out of the funds that remain after a company has been taxed on its earnings — and then they typically become taxable income for you. You might also be subject to another kind of double taxation, though — taxation of your Social Security benefits. Social Security benefits paid to you are not necessarily taxable, but they can be subject to federal tax if they exceed a certain level. On top of
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“The Long-Term Care Insurance Market Evolves,” by Mark Miller, Morningstar Quote:  “It’s a paradox: More Americans are worried about the risk that long-term care expenses can pose for their retirement plans, but few take action to protect themselves. The commercial long-term care insurance industry has never achieved mass market penetration levels, and sales have been falling steadily over the past five years. Chalk it up, in part, to consumer resistance. People are reluctant to spend thousands of dollars annually on insurance premiums for a long-term care need that might come far down the road, or not at all.” LTC Comment
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“How Many Seniors Are Living in Poverty? National and State Estimates Under the Official and Supplemental Poverty Measures in 2016,” by Juliette Cubanski, Kendal Orgera, Anthony Damico, and Tricia Neuman, Kaiser Family Foundation Quote:   “Payments from Social Security and Supplemental Security Income have played a critical role in enhancing economic security and reducing poverty rates among people ages 65 and older. Yet many older adults live on limited incomes and have modest savings. In 2016, half of all people on Medicare had incomes less than $26,200. This analysis provides current data on poverty rates among the 49.3 million seniors in
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“These 5 defensive moves can protect your money and wealth,” by Liz Miller, MarketWatch Quote:  “Every well-considered wealth-management plan includes an assessment of personal, property, and financial risk. Investments have risks that can’t readily be insured, so other risks must be managed in order to minimize threats to overall wealth goals. Fortunately, many of the personal risks that can threaten one’s wealth can be managed with proper insurance. Consider these five ways to reduce your exposure to risk: “2. Consider long-term care insurance: Studies indicate that at least one member of every couple living today is likely to need some
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