Did you know that just about half of all Americans turning 65 today will require long-term care (LTC) in their later years? With life expectancy continuing to rise as care costs grow with it, finding sustainable funding for LTC needs can be a challenge. Luckily, there’s several funding options available. Here’s some of the most common:
Although among the least-used insurance products for LTC benefits annuity-LTC products deliver a lifetime income stream that increases in the event of an LTC need. It’s suggested that pure LTC products are best, but if you’re declined LTC by an insurer, annuities can serve as a healthy backup.
2. Life Insurance
Whole, term, or universal life insurance can all be converted into an LTC account. During this conversion, the policy ownership is transferred to an entity that acts as a benefits administrator, who takes on the responsibility of premium payments.
3. Qualify for Medicaid
Under the reality that many Americans are simply living longer, this strategy becomes more viable the closer you are to running out of money. The government assesses income and asset levels when deciding who qualifies, so once total assets are low enough, Medicaid will kick in. However, it should be noted that private insurance will likely provide a better quality of life.
4. VA Benefits
If you’re a veteran or spouse to one, there are many different benefits/compensation programs available through Veterans Affairs. Two of the most popular LTC services is Housebound and Aid and Attendance. The application process can be complex and lengthy, however, so be sure to consult with a VA benefits expert before you start.
Please contact us at 408-227-2700, and we can help you find the best long-term care option(s) for you. As a Wealth Management firm in San Jose, CA, we’re happy to help!
- ½ tablespoon butter
- 15 small stalks fresh asparagus, chopped into 1-inch pieces
- 4 eggs, whisked in a bowl
- 4 corn tortillas
- ½ avocado cut into 4 slices
- In a frying pan placed over a medium flame add in butter and allow to melt. Once butter is melted add in asparagus pieces and saute for 3 minutes or until they turn dark green.
- Pour the whisked eggs over the cooked asparagus and allow to cook for 5 minutes. Stirring occasionally.
- Once eggs are cooked remove from flame.
- Over an open flame, or in a microwave, or on a hot comal, heat the corn tortillas using a pair of tongs to flip the tortilla if heating over an open flame.
- Fill the tortillas with an equal amount of cooked egg mixture.
- Top each taco with a slice of avocado. As an option sprinkle with salt and red pepper. Enjoy!
Recipe adapted from Food Network
Claim the Non-Business Energy Property Credit
Good news for those making their home energy efficient: The IRS lets you claim tax credits for the upgrades. If you made these types of improvements on your home in 2016 and haven’t already maximized your lifetime credit claims, you have two credits available to you – one of which is the Non-Business Energy Property Credit. Here are the guidelines for claiming that credit.
Non-Business Energy Property Credit
- Good For: Existing homes located in the U.S.
- Maximum Credit: A lifetime limit of $500
- Credit Exceptions: Only $200 of your claim can go toward windows
- Two Credit Subsections: based on 1) item cost and 2) installation costs
1. Item Costs
Part of this credit covers 10% of what you paid to upgrade your home with qualified energy-saving items, not including labor. Qualified items include:
- Adding insulation
- Installing energy-efficient exterior windows and doors
- Installing certain roofs
2. Installation Costs
The other part of this credit covers a portion of your installation costs for certain high-efficiency household items, including:
- Heating and air-conditioning systems
- Water heaters and stoves that burn biomass fuel
To claim this credit, you will need to make sure you save within your tax records the manufacturers written certification that their product qualifies for energy-efficiency home credits. To file your credit, use IRS tax Form 5695.
Tip courtesy of IRS.gov
How to Tackle a Cold Course
It’s the new year, and if you’re lucky enough to have golf courses open near you, then it’s officially a new golf season, too! But, even if you do have the chance to golf soon, chances are it won’t be very warm. How do you tackle the course when conditions (and weather) aren’t ideal?
First, you must “start your engine” before you tee off. Your body needs time to warm up and get loose…so don’t show up 5 minutes before your tee time. Read more about this tip, and five others, to make your cold-weather golfing worthwhile this winter!
Tips adapted from Barry Blitt | Golf.com
Simple Health Tips
By now, we all know there’s thousands, if not millions, of health tips out there. Unfortunately, many prove to be too time-consuming, or altogether impossible with your busy schedule.
There are many tips, however, that are easily achievable and take just seconds out of your day. Read up on these 50 ultra-simple health tips to help you get rid of varicose veins, manage stress levels, or achieve healthier gums (plus way more). See them all here.
Tips adapted from Whole Living
Embrace Upcycling – And Turn a Cardboard Box Into a Designed Storage Basket
Upcycling is a term for giving new life to old items. When you upcycle, you take something you no longer use, such as a t-shirt, and repurpose it into something else, like a tote bag. By embracing upcycling as part of your lifestyle, you can help reduce the what you send to the landfill while also minimizing your consumption.
A common item we use once and immediately throw away or recycle are cardboard boxes. These containers are great for upcycling and can help you bring organization to your household. Instead of buying an expensive basket, save those bucks and new products by repurposing your cardboard box into the storage you need.
- Removing the cardboard box flaps
- Wrapping and gluing jute string around the box’s exterior until you completely cover the box
- Covering the box’s interior with a self-designed fabric liner glued inside
Use your storage container to hold everything from extra toilet paper rolls to hand towels and more.
Tip courtesy of Good Housekeeping & Elizabeth Joan Designs
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