LTCi Part 7: Tax Treatment for Businesses
Jun 17This is the seventh in a series of blogs on the topic of Long Term Care Insurance. I have broken them down into smaller segments since this is such an important and extensive topic. As we discussed previously, Congress favors the business owner over the individual when it comes to deducting the cost of Long Term Care insurance. If you are self-employed, you can deduct the cost of long-term...
Social Security’s Little Secrets
Jun 10Social Security has a few little secrets that make it very good for the government. Social Security, unlike other income – earnings, investments or IRA’s – is taxed three times (Secret 1). Here is how it works. Let’s say your earned income is $50,000. You pay in your Social Security which would be $2,100 for 2011. It’s normally 6.2% but in 2011 it’s 4.2%. Does that mean you are...
LTCi Part 6: Tax Treatment for Individuals
Jun 02This is the sixth in a series of blogs on the topic of Long Term Care Insurance. I have broken them down into smaller segments since this is such an important and extensive topic. Congress wants you to buy long-term care insurance. The way they hope to inspire you to buy it is by giving you tax deductions. The problem, however, is that when the government gets involved, it giveth and it can...
How the Small Business Owner can get Health Insurance
May 31Let’s say you have a business. Right now it’s just you and maybe one other person. Group health insurance generally starts at a minimum of ten people. Let’s say you are a lawyer, consultant, programmer, mechanic, etc., who got laid off and COBRA is about to run out. You have marketable skills but you can’t find a “job.” After I got fired three times from “Corporate America” I went...
Medicare Still Hasn’t Been Saved
May 24The attack on Medicare continues in Congress. If you want the protection that those over 65 have today in the future, when Social Security and Medicaid have been decimated, then the time to fight and bombard your Congress person is now. The solution is really quite simple. In fact it is even simpler than I posted in my earlier blog, Saving Medicare. Simply charge every man, woman and child $10...
LTCi Part 5: Partnership for Long-Term Care Insurance
May 20This is the fifth in a series of blogs on the topic of Long Term Care Insurance. I have broken them down into smaller segments since this is such an important and extensive topic Many states have enacted a form of insurance called the Partnership for Long-term Care Insurance. For years, this was the best-kept secret in the insurance industry. Now, over 30 states have it and hopefully your...
