Category

Personal Insurance

IRS Issues New Tax Deductibility Limits for Long-Term Care Insurance

By | Employee Benefits, Individual Life & Disability, Personal Insurance, Specialty Insurance

Have you delayed securing a long-term care policy? Perhaps the new IRS deductibility guidelines might prompt you to consider a new policy.

Premiums for a tax-qualified long-term care policy are considered a medical expense. For individuals who itemize tax deductions, medical expenses are deducible to the extent they exceed the current amount required to meet an individual’s adjusted gross income (AGI). In addition, Maryland offers a one-time $500 tax credit for a tax-qualified long-term-care policy.

With the cost of nursing home care in Maryland approaching $10,000 per month, most financial planners recommend a comprehensive elder care strategy.

This includes a policy to transfer part of the risk from you to an insurance company. If you do not have a policy, you are 100% self-insured. Even a small policy would conserve some assets and part of your estate.

The American Association for Long-Term Care Insurance has more detailed information regarding long-term care tax deductions. You can obtain this information at www.aaltci.org/tax.

For more information and specific quotes for a long-term care policy, please contact Keith Mathis at 443-449-2327 or by email kmathis@medchiagency.com.

Life Insurance and Estate Planning

By | Individual Life & Disability, Personal Insurance, Specialty Insurance

A life insurance contract is a valuable part of many individual’s overall estate. Thus, it should be reviewed on a periodic basis to determine: value, performance, beneficiary and ownership, as well as appropriateness towards achieving the original purpose and objective for which it was intended.

An immediate estate value of $1,000,000 can be created by taking out a term life policy for only a few hundred dollars per year when the insured is between the ages of 30 and 50, if they are in good health.

As one ages, the cost of term life increases. Therefore, a policy established on a premium basis is recommended, if there is still a need for life insurance in the estate. Universal life policies today, even on a minimum funded basis, can last to age 120. Life Insurance for estate tax purposes is highly liquid. In the case of sudden death, assets do not require immediate liquidation in the stock or real estate market. A life insurance policy can be paid to the estate in as little as seven days.

In summary, life insurance for estate tax purposes is cost effective, can be free of federal income tax, and is highly liquid. To determine if your life insurance policy still meets your needs, or if you are wanting to speak with a sales representative regarding implementing a policy, please contact:

Keith Mathis
Sr. Sales Executive, Life & Disability
Office Direct: 443-449-2324
Fax: 410-649-4154
Email: kmathis@medchiagency.com

Check out this article from Securian Financial on preparing you for long-term care!

Follow us on Facebook and LinkedIn for other exciting news and updates!

Did you know that November is “Long-Term Care Awareness Month”?

By | Individual Life & Disability, Personal Insurance, Specialty Insurance

Long-term care insurance is designed to help you cover the costs of skilled care as you age.

Are you covered? If you do not currently have a policy in place, now is the time to get one!

If you wait too long, your prospective long-term care policy could become unavailable or highly expensive.

Call today for a “no cost” consultation!

Keith Mathis
Sr. Sales Executive, Life & Disability
Office Direct: 443-449-2324
Fax: 410-649-4154
Email: kmathis@medchiagency.com

Check out this article from Securian Financial on preparing you for long-term care!

Follow us on Facebook and LinkedIn for other exciting news and updates!

Are you aware of the increase in retirement expenses?

By | Individual Life & Disability, Personal Insurance, Specialty Insurance

According to a CNBC article, “The national annual median cost of a private room in a nursing home is $100,375.”

It is important to plan your future when it comes to long-term care expenses.

Start planning for your long-term care today by speaking with our sales team!

Keith Mathis
Sr. Sales Executive, Life & Disability
Office Direct: 443-449-2327
Fax: 410-649-4154
Email: kmathis@medchiagency.com

Follow us on Facebook and LinkedIn for other exciting news and updates!

Has your office been a target of data breach threats?

By | Business Insurance, Personal Insurance, Property and Casualty, Specialty Insurance

Today’s world is more interconnected than ever before. Yet, for all its advantages, increased connectivity brings increased risk of theft, fraud, and abuse.

Do not wait until it is too late to protect your business!

Contact our sales team today for a “no cost” consultative insurance review.

Ron Kendall
Sales Executive, Property & Casualty
Office Direct: 443-449-2334
Fax: 410-649-4154
Email: rkendall@medchiagency.com

Check out this CNA article on Data Breach coverage!

Follow us on Facebook and LinkedIn for other exciting news and updates!

Has your business been compromised by potential cyber security threats?

By | Business Insurance, Personal Insurance, Property and Casualty, Specialty Insurance

With advances in technology and social media, cyber security threats have become more frequent.
If your business does not currently have a cyber policy in place, now is the time to get one.
Contact our sales team today for more information and a “no obligation” quote.

Ron Kendall
Sales Executive, Property & Casualty
Office Direct: 443-449-2334
Fax: 410-649-4154
Email: rkendall@medchiagency.com

Check out this PrepWise Cyber Prep article from CNA for ideas on how to combat cyber security breaches!

Follow us on Facebook and LinkedIn for other exciting news and updates!

Did you know that October is “Cyber Security Awareness Month”?

By | Business Insurance, Personal Insurance, Property and Casualty

Do you currently have a cyber policy in place?

Check out our Data Breach Flyer and contact our sales team today for a “no cost” insurance consultation review! Your business and client information could be at risk!

Ron Kendall
Sales Executive, Property & Casualty
Office Direct: 443-449-2334
Fax: 410-649-4154
Email: rkendall@medchiagency.com

Follow us on Facebook and LinkedIn for other exciting news and updates!

Phishing, and malware, and hijacks, OH MY!

By | Business Insurance, Personal Insurance, Property and Casualty, Specialty Insurance

What is scarier than these, you ask? How about not having a cyber policy to protect your practice!

Protect your business and client information from potential security breaches!

October is Cyber Security Awareness Month, and now is the time to speak with our sales team!

Ron Kendall
Sales Executive, Property & Casualty
Office Direct: 443-449-2334
Fax: 410-649-4154
Email: rkendall@medchiagency.com

Check out our Data Breach Flyer for some quick info on why a Cyber Policy is important to have.

Follow us on Facebook and LinkedIn for other exciting news and updates!