RELEASE
ON RECEIPT - June 23, 2006
Pay for Long Term Care Insurance with Health Savings Account: A Little-Known Option
Felton, CA, June 23 -- As more Americans realize they need long term care insurance, an issue remains: paying for it on top of already-high health costs. "For millions, there's a simple answer," says Barbara Hanson, Felton-based Partner of LTC Financial Partners. "Just use some of the money that's already in your Health Savings Account."
Not everyone has a Health Savings Account, but more than three million do, up from one million in March 2005, according to a White House fact sheet (April 5, 2006). And the number is projected to grow to 29 million by 2010. Health Savings Accounts (HSA's) are tax-advantaged savings accounts restricted to health-related purposes. Funds may be withdrawn tax-free to pay for deductibles, co-insurance, dental and vision care, and other items including long term care (LTC) insurance.
"When it comes to financing LTC protection, your HSA is like found money," says Hanson. "Hardly anyone knows this. We're spreading the word through our business partners and to consumers directly."
What if you don't have a Health Savings Account? Consider setting one up. Most Americans can participate. Those already covered by government health benefits -- through Medicare or Medicaid, for example -- are generally not eligible. You can open an HSA with a bank, credit union, insurance company, or other approved organization. Employers may also set up plans for their employees.
Should you set up an HSA just to pay for long term care insurance? "No," says Hanson. "If LTC protection is your only objective, there are more direct funding methods. But if you're looking for more comprehensive health-care financing, the LTC factor can be a great trigger. It can motivate you to do a smart thing overall."
LTC Financial Partners, the nation's most experienced long term care insurance brokerage, has alliances with banks and other organization that offer HSA services to companies as well as individuals. "Together with our alliance partners," says Hanson, "we offer a unique combination of sound LTC and financial resources, including HSA assistance." Internet-based and by-phone advice may be requested from Hanson at 831-335-4949 or www.eranova.com/LTCFP-BarbaraHanson.
Barbara Hanson has specialized in long term care insurance since 1995 and earned the respected status of Master Agent Emeritus from one of the largest long term care insurance carriers in the industry. Today, as an independent agent representing all major carriers, she is ideally positioned to help individuals, families, and businesses design customized long term care strategies to fit their budget. She has served her community as an active member of the Chamber of Commerce and is a major supporter of her local Alzheimer’s Association. Having had extensive personal experience with long term care in her previous career as an activity director in long term care facilities as well as in her own family, Hanson understands the challenges people face when a friend or family member needs help to stay home safely. She has helped over 1,000 families plan for the potentially devastating financial risk associated with long term health care problems. Barbara shares her expertise through public seminars, guest media appearances, corporate education, and individual consultations.
MEDIA
CONTACTS:
Barbara Hanson of LTC Financial Partners, Felton,
CA
- 831-335-4949 - www.eranova.com/LTCFP-BarbaraHanson
Jonas
Roeser of LTC Financial Partners - 425-284-4863
Dick Samson of EraNova Institute
for LTC Financial Partners - 973-335-3699 – media@eranova.com
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Photo of Barbara Hanson:
