Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Reduce Your Tennessee Taxes with Long Term Care Plan

By Kaycee Bishop Subscribe to RSS | March 29th 2012 | Views:

It is too unfortunate that Tennesseans will continue to face high sales tax as they live in a state which happens to be on the list of places with the highest taxes. Now if it’s any consolation, working out a plan for your Tennessee long term care will enable you to reduce your taxes at the end of the taxable year.

Everybody wants to escape high tax rates but this isn’t possible so the best thing that an individual can do is to consider buying a long term care insurance (LTCI) policy because premiums that are paid into tax qualified LTCI policies are treated as medical expenses and medical expenses as we all know are tax deductible.

One has to do something about his taxes if he wants to live to see his grandchildren. This is not an exaggeration. Taxes and long term care costs are, indeed, doing a great job in dislocating people’s financial resources.

By purchasing an LTCI policy today you’ll manage to hit two birds with one stone. How’s that? You get to pay a minuscule amount of taxes every year and should the time come that you will need long term care (LTC) you have the assurance of receiving topnotch care in your choice of LTC setting.

Most, if not all, residents of Tennessee prefer to receive care in their own homes rather than be put away in some institutionalized LTC facility or community-based LTC center. They love the thought of being close to their families but this should not mean that an individual’s family should be solely responsible for his LTC needs, otherwise this can result in a big problem.

Tennessee Long Term Care Costs

Receiving home-based care in Tennessee could cost $21 an hour and this is only for a home health aide to provide you with assistance in your activities of daily living (ADL) such as bathing, eating, toileting, dressing, transferring, and continence.

Should you require a personal care assistant whose scope of work includes a range of household chores such as cooking, cleaning, doing the laundry, and running errands you need to pay additional $20 per hour.

Although in-home care is highly in demand in Tennessee, only a few can manage to remain in their homes even after they have acquired a serious medical condition. Aging in place will require a lot of money but if this is what you want to receive 40 years down the road or so you better start planning today.

As mentioned earlier, LTCI policies are worth studying as these insurance products give people the freedom to choose where they want to receive care in the future and at the same time it reduces their yearly income tax.

Meanwhile, if you are not closing your door on other LTC settings you might want to consider an assisted living facility which charges $3,080 a month or a private room in a nursing home which has a price tag that reads $177.

Tennessee long term care costs will continue to rise along with the figures in other states so start formulating a plan that will benefit you and your family in the future.

Kaycee Bishop - About Author:
Structure your retirement years by shopping for long term care quote early. We can give you all the important information you need as well as the latest CLASS act news.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Insurance Articles Subscribe to RSS

Medicare is supplemented for special care
Published by William Richards on June 2nd 2012 | Insurance
Medicare supplemental plans include the original plans of the Medicare with an extra benefit and fac...
Achieve your goals with the long-term Strategic Planning and lead your company on the path of success
Published by Tommy Jackson on July 24th 2012 | Insurance
Once you enter the market with your own business firm, there are issues you need to tackle and probl...
Payday Loans are ideal for short term borrowing
Published by James Blee on June 18th 2012 | Finance
Payday loans application process tends to be short simple and quick to complete, especially online l...
Motor care warranty Company failure creates worries for consumers
Published by Jack Paul on February 15th 2012 | Insurance
Financial watchdogs are going to investigate the failure of car insurance companies which has brough...
How to Pay for Long-term Care
Published by Adivol on March 20th 2012 | Insurance
Long-term care is provided in a variety of settings – for people of any age. Depending on your nee...
Tradesman Tools Insurance to take care of your equipments
Published by Imar Insurance on November 30th 2011 | Insurance
A tradesman's tools are a vital part of his working life. No matter what sort of trade you happen to...
Take care with supplemental plans
Published by William Richards on June 2nd 2012 | Insurance
The supplemental Medicare plans are to be chosen in accordance to the financial status of the candid...
Compare Cheap and Affordable nevada long term care insurance Quotes Online
Published by Kym Dicken on November 30th 2011 | Insurance
Long-term care insurance has become very popular in the United States and many other countries with ...
Citibank customer care - Taking care of the customers
Published by Vikas Purohit on July 1st 2012 | Finance
Citibank Customer Care in Gurgaon takes care of all the problems faced by the Citibank account holde...
Buying term insurance online - a way to save premiums
Published by Chris Luke on April 26th 2012 | Insurance
Term insurance is a commonly purchased policy in current times as it is the most suitable plan that ...
Business Accountant Brisbane: Best accountancy services to ensure long-term success
Published by Tommy Jackson on June 19th 2012 | Insurance
If you own an organization or a business firm, you will be aware of the problems you might face if y...
Online term insurance - Guide to choose the best one
Published by Chris Luke on April 16th 2012 | Insurance
In the Indian insurance segment, there are many kinds of term insurance policies that suit different...
Taking care of finances in Debt Settlement
Published by Rajkumar Kaushal on May 19th 2012 | Finance
Debt settlement finance and financial in debt settlement have assisted a lot of people to save detai...
Buying Short-term Ohio Medical Insurance
Published by Tracy McManamon on December 26th 2011 | Insurance
Buying short-term Ohio medical insurance is one of the wisest options to consider when you are betwe...
Payday Loans: short term quick cash for startling expenses
Published by Steve Kobzeff on April 14th 2012 | Finance
Payday Loans are short term hassle free Loans for all sorts of credit borrowers to help them with ca...
Taking care of debt settlement
Published by Rajkumar Kaushal on May 12th 2012 | Finance
How do you choose good information on debt settlement bankruptcy in debt settlement? This is one que...