Bankers Life and Casualty Company: Experts Say Value of Long-Term Care Insurance More Than Justifies Cost for Most People.CHICAGO -- While many consumers say cost is a deterrent to buying long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. insurance, growing numbers of professionals suggest that the cost of premiums are an affordable alternative to the increasing cost of long-term care. "Premiums vary due to age and the type of policy, but most middle-income consumers can benefit from a long-term care policy," said Scott Perry, executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Bankers Life and Casualty Bankers Life and Casualty is primarily a health insurance company in the United States. It was founded in 1879 and was previously known as White Cross. It was formerly owned by millionaire investor John D. Company, Chicago. "Like other types of insurance, the younger and healthier you are when you buy, the less expensive the premiums," he said. "These premiums are still a bargain when faced with the costs of long-term care." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the American Council of Life Insurers The American Council of Life Insurers (ACLI) is a Washington-based lobbying and trade group for the life insurance industry. ACLI represents 373 insurance companies that account for 93 percent of the U.S. life insurance industry's total assets. (ACLI ACLI American Council of Life Insurers ACLI Associazioni Cristiane Lavoratori Italiani (Italy) ACLI American Council of Life Insurance ACLI Ada Command Language Interpretation ), a 60-year old buying a policy with a two-year benefit period today would pay in premiums over a 25-year period about a tenth of what he could expect to pay for a two-year nursing home stay when he reaches age 85. In addition, the non-profit Washington-based Women's Institute for a Secure Retirement (WISER) reminds consumers that premiums of a qualified long-term care plan are deductible from federal taxes if total medical expenses, including the premiums, exceed 7.5% of adjusted gross income. Federal legislation now being considered, the "Health Care Tax Deduction Tax deduction An expense that a taxpayer is allowed to deduct from taxable income. tax deduction See deduction. Act of 2005" (H.R. 218), would make premiums of qualified plans tax deductible for everyone. As of 2004, 21 states had adopted state tax incentives for long-term care insurance premiums. As the nation's governors warn that the strain on public assistance programs, such as Medicaid, is increasing (www.nga.org), "Baby Boomers" and "seniors" will need to carefully evaluate all their options and plan for their long-term care needs. Established in 1879 and headquartered at the world-famous Merchandise Mart in downtown Chicago, Bankers Life and Casualty Company focuses exclusively on the financial security needs of seniors. The company offers a broad portfolio of health and life insurance and retirement savings products designed especially for seniors. These products are distributed through a national network of professionally trained company agents. Visit us at www.bankers.com |
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