- Long Term Care - A person can use their Health Savings Account (HSA) to get reimbursed for their LTC premium for themselves and their spouse, up to the IRS age based limits. This process allows for a large portion (if not all) of their LTC premiums to be paid with pre-tax dollars from the HSA. Mass Mutual has the best and easiest system for this to be done, but other companies have a similar process seen below:
- The process is very simple:
- Step 1). Pay the LTC premium through their regular bank account
- Step 2). Request a receipt for their premium from their company. Some companies you can just get it from the agent, others you have to call in, for MassMutual they can do so by sending an email to email@example.com
- Step 3). Get reimbursed from their HSA for the Long Term Care premium up to the IRS age based limits, using the receipt as documentation for the transaction.
- For the 2015 tax year, the age based limits are listed below:
- Attained Age before Close of 2015 Taxable Year:
- Age 40 or less: $ 380
- More than 40 but not more than 50: $ 710
- More than 50 but not more than 60: $ 1,430
- More than 60 but not more than 70: $ 3,800
- More than 70: $ 4,750
- Age 40 or less: $ 380
- Disability - You do not have to get the max benefit periods. For some, look at getting just transitional coverage. Identify their needs and figure out the next steps. We can help, email us your disability questions at firstname.lastname@example.org
- Fraud Alerts - Many companies are clamping down on third party requests for information. There has been a lot of fraud when you want information. Be aware that it will be tougher to get information, even for your own clients. This is meant for client security, but you will need to take precautions and understand what might be happening.
- Product Line Change – Northwestern Mutual has come out with an update to their product lines. This could benefit policy cash values drastically for new cases, so be aware of how this might affect competition in your areas.
For more information please contact us at email@example.com. If you need more information on these topics, listen to our podcasts or vlogs at www.solveurpuzzles.com or call us directly.
NOTE: WE WILL BE PROVIDING DETAILED TOPIC DISCUSSIONS ON THESE AND MORE IN OUR NEW MAGAZINE SOLVE YOUR PUZZLES (FINANCIAL EDITION) Contact us for more information.
Rodney Mogen, is the president of solveurpuzzles, a business focused company. Solve ur puzzles helps three groups: Small Businesses, Financial Advisors/Agents, and Local Government Entities. Rodney is also a small business advisor focused on developing financial strategies for small business owners and helping them develop their own strategy and ideas to grow, sell, develop the way they want. He is focused on creating proper financial strategies for Advisors and business owners to assist them in their day to day duties by solving their financial puzzles. Rodney is also the Director of Financial Strategy for The Evans Group. Check out more information at www.solvurpuzzles.com.