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Private Wealth Management: The Complete Reference for the Personal Financial Planner, 9th Edition by Jerry Rosenbloom, G. Victor Hallman

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23

Long-Term Care Insurance and Medicaid Planning

The nature of the long-term care or custodial care exposure was outlined in Chapter 1. It has attracted increasing attention and concern over the years.

Long-term care can be financially devastating. If, for example, a loved one requires skilled nursing facility care, an average cost might be around $200 (or more) per day, or $73,000 per year, for nursing home care alone. This amount normally will be deductible for federal income tax purposes, by the person paying the cost, as an itemized medical expense.1 However, even with a tax deduction, this level of expense can be a financial disaster for most families. Of course, different levels of care may cost less, but it still will be significant. ...

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