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41-18 Crescent St., Long Island City, NY 11101
T: 718-707-0295 • F: 718-707-0299
E: hernan@savignano-cpa.com
www.savignano-cpa.com
47-46 Vernon Blvd Second Floor
Long Island City, NY 11101
T: 718-707-0955 • F: 718-707-0959
Hernan Barona, E.A
hernan@savignano-cpa.com
www.savignano-cpa.com
ObtainMyRefund.com
COME BY, CALL, OR MAKE
AN APPOINTMENT TODAY.
41-18 CRESCENT ST
LONG ISLAND CITY, NY 11101
718-707-0295
SAVIGNANO
accountants & advisors
ACCOUNTING AND TAX SERVICES THAT BENEFIT YOUR PERSONAL
JOHN SAVIGNANO
CPA, CGMA
AND BUSINESS NEEDS
• Multiple LIC Office Location • One Stop Shopping
• Over 25 Years of Professional Experience
• Special Offers and Promotions Available
• All Services Guaranteed
OUR SERVICES INCLUDE:
For Individuals…
• Income Tax
• Tax Planning
• Audit Defense
• Bookkeeping
• Insurance
• Financials
• Estates/Trusts
• Net Worth Statements
• Budgeting
• Offer-In-Compromise
For Businesses…
• Income Tax
• Sales Tax
• Payroll Tax
• Retirement
• Accounting
• Investments
• Audit Defense
• Tax Planning
• Valuations
• Formation/Structures
www.LIC-CPA.com
www.savignano-cpa.com
bestaccountantinlic.com
ObtainMyRefund.com
Our Certified Public Accountants
are here to serve clients in a variety of industries. Whether you are looking for tax preparation
services, risk management advice, or assistance with a retirement plan, the team at
SAVIGNANO accountants & advisors is here to help.
47-46 Vernon Blvd., 2nd Fl. LIC, NY 11101
718.707.0955 (F) 718.707.0959
41-18 Crescent St. LIC, NY 11101
718.707.0295 (F) 718.707.0299
PLEASE CALL OR VISIT US FOR FREE CONSULTATION
TAX TIPS
Long Term
Care
BY JOHN SAVIGNANO, CPA
Seventy percent of Americans age 65 and older will need
some form of long-term care during their lifetime and
fifty percent will need care in a nursing home.
Unfortunately, the United States has no form of health
insurance system for long term care. Too many, this
comes as a rude awakening as their health declines and
the need for care arises.
This issue effects just about everyone. While the estate
tax is now a concern for only a limited number of people
due to the increased federal and New York State estate tax
exemptions, chronic illnesses such as Alzheimer’s disease
or Parkinson’s disease can affect anyone, regardless of net
worth. For many middle-class families a catastrophic
illness can result in bankruptcy. Unfortunately, our
country, in deciding whether to pay for care,
discriminates based on the type of care you need. If you
need skilled nursing care such as rehabilitation services,
then Medicare offers some limited coverage. However, if
you need help with activities of daily living, such as
bathing, toileting, dressing, etc., Medicare will not pay for
the cost of your care. Thus, you are forced to pay
out-of-pocket for this very expensive care, which can
exceed $200,000 annually.
If you have an illness such as Alzheimer’s disease, this
can last several years, and the cost of care can be
exorbitant. Medicaid, the only government benefit
program which pays for long term care, is intended to be
for those who are poor and has strict income and asset
requirements that must be met before any benefits are
paid.
One of your options may be to purchase long-term care
insurance. This is insurance specifically designed to cover
care delivered at home, in an assisted living facility or in a
nursing home, as the case may be.
Whatever you decide to do, please at least take time to
think through these issues with a qualified professional
and make an informed decision as to next steps.
John Savignano is a partner with Savignano Accountants
& Advisors located at 47-46 Vernon Blvd., Second Floor, in
Long Island City. If you have any questions or require
additional information, please call John at 718-707-0955.
/www.savignano-cpa.com
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