30 THE QUEENS COURIER • DECEMBER 20, 2018 FOR BREAKING NEWS VISIT WWW.QNS.COM
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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.
No W-2 required to apply.
Nov. 19 - Jan. 11
Hernan Barona, E.A
hernan@savignano-cpa.com
www.savignano-cpa.com
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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
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SAVIGNANO
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AND BUSINESS NEEDS
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OUR SERVICES INCLUDE:
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For Businesses…
• Income Tax
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• Formation/Structures
www.LIC-CPA.com
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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
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