Long Term Care
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Long Term Care
Medical and non-medical services for people who are unable to care for themselves as a result of disability or illness fall under the category of long term care services. Long term care providers may assist in meeting both medical and personal daily needs--such as feeding, bathing, using the toilet and dressing. In industry jargon, these basic tasks are referred to as ADLs or basic assisted daily living activities. Long term care services can be offered at a person’s residence, in a retirement home, in assisted living facilities and in nursing homes. Long term care services are expensive and depending on the intensity and level of care, can exceed several thousand dollars per month. Some people choose to purchase long-term care insurance to cover these potential costs.
Healthcare Bills Contain Expensive New Long Term Care Entitlement
There is a new long term care entitlement in the current healthcare reform bills in both the House and Senate. The long term care provision is known as the Community Living Assistance Services and Supports Act ("Class Act"). The Class Act is projected to run a surplus during its first few years of existence, but will be in deficit within 10 years. This budget projection excludes the present value of the program's future liabilities--in other words, the type of accounting that any private...
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Tax Free Long Term Care Payments from an Annuity
The Pension Protection Act of 2006 has a provision that will allow for tax free long-term care payments from an annuity product. The law will also allow for Section 1035 Exchanges of older annuity products into the new hybrids. The combined or "hybrid" product has been in development within insurance companies over the past several years. The anticipated launch date for these new products is January 1 2010--the date that the provision in the Pension Protection Act is intended to go into effect...
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Annuity Income is Tax Free Starting in 2010 When Used to Pay for Long Term Care
Starting on January 1 2010, proceeds from annuities will be free from federal income taxes when used to pay for long term care. The Pension Protection Act of 2006 provides the basis for this change in the tax law. So called "long term care annuities" provide an alternative to the purchase of a long term care insurance policy. There are pros and cons to both approaches, and consumers may wish to pursue both options as they potentially complement one another. A positive for the annuity involves...
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Thrivent
Short Company Name:
Thrivent
Long Company Name:
Thrivent Financial For Lutherans
Thrivent Financial is a company dedicated to serving Lutherans in the insurance and banking sector. Thrivent is a Fortune 500 financial services organization and is a faith-based organization. Thrivent is the largest fraternal benefit society in the United States. Products include annuities, mutual funds, insurance, banking, and church loans. Brief descriptions of product areas is as follows:
Company Type:
Insurance Company
Web Site:
Phone Number:
800-847-4836
Fax Number:
800-225-2264
Year Founded:
1902
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