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By: Sipi Gupta | January 13, 2020

Long-term care insurance is a specific type of insurance product that helps people cover the cost of long-term care beyond a predetermined period.  But it’s not the only way to pay for in-home care, adult day care, assisted living or a nursing home.

 

Short-term care insurance is an alternative to long-term care insurance that provides good coverage for those in need of long-term care.  Not only are they less expensive, but they may also be available to older seniors or those who aren't otherwise eligible for long-term coverage. Short-term care insurance policies (also known as recovery care or convalescent care policies) will offer between $50 to $300 per day of long-term care coverage for 180 to 360 days.  You choose t...

By: Sipi Gupta | March 19, 2017

Deduction of Medical Expenses

Parents of a minor or adult child with special needs may be able to deduct some of the child's medical expenses, including certain expenses for special education.

A taxpayer is allowed to deduct certain non-reimbursed expenses for medical care of the taxpayer, the taxpayer's spouse, or a dependent, as defined in § 152. The deduction for medical expenses applies to expenses incurred primarily for the prevention or alleviation of a physical or mental defect or illness.

Expenses for a mentally or physically disabled individual to attend a special school may be treated as medical expenses if a principal reason for attending the school is to alleviate the disability. Expenses for ordinary education that is incidental t...