Caregiver.com

For About and By Caregivers
 


 
Subscribe to our bi-monthly publication Today's Caregiver magazine


  + Larger Font | - Smaller Font
 



CARENOTES | Past Carenotes | Let's Talk

Carenotes

Welcome to CareNotes. In this special section we will feature a reader's letter and provide an opportunity for an interactive exchange that will help find some answers and possible solutions to concerns. If you wish to respond to this letter, simple follow the link provided at the end of the letter and add your comments and thoughts to our CareNotes Board.

This Week's Carenote - 05/03/11
My father has a long-term care policy.  It reports a 1099-LTC form and is HIPAA approved.  This policy can pay me, his son, $11,000 a year for taking care of him. Social Security?  Medicare?  What forms would I need?  


 

Reply to Letter  |  View Comments  |  Past Carenotes |   

Name
Location
   
Add Your Comments  

 
YOU  MUST ENTER THE NUMBERS 4567 IN THIS BOX BEFORE YOU SUBMIT THE FORM.  IF YOU DO NOT IT WILL PROMPT YOU TO START OVER.
  

View Comments

Name: Tim
Location: Bonita Springs
Date: 05/04/2011
Time: 10:46 AM

Comments

If it is a LTC policy, not a Life policy, there is no "face" value. Most LTC is a use it or lose it policy, so no real benifit by waiting to use it. All payouts are tax free to your dad, but you are being employed as a caregiver and will have to file $ as earned income. If your father needs assistance with activities of daily living (ADLs)and not "skilled" care then medicare will not pay anything. That is what the LTC policy is for. Call the insurance company and they can help with understanding the full benefits and options of the policy.


Name: ls
Location: chicago il
Date: 05/03/2011
Time: 06:47 PM

Comments

You have to claim it on your income taxes at the end of the year as they do not take taxes out for you. it is considered income. you also should be advised that the amount they are paying you may be coming out of the face value of the policy long term care policy - you may max out of the policy faster when you are getting paid to be a caregiver to your father. It may be cheaper to keep the policy in tact and find out if he can get the care from the Department of Aging - if he qualifies depending on his income/assets. The care givers they send would get paid by Medicare instead of out of your pocket. Please check all the avenues before you make a decision.


 







 

Join our Group or become
 a
Fan below

Caregiver on Facebook

   Follow us on Twitter

You TubeFearless Caregiver Channel