Federal Law Supports Long Term Care Through Expanded Health Savings Accounts

(EMAILWIRE.COM, November 20, 2007 ) Encinitas, California – There's good news for people who need long term care insurance. Unknown to many, the Tax Relief and Health Care Act (H.R. 6111), passed in 2006, expands the sources and amounts that may be contributed to Health Savings Accounts (HSA's). This benefits those seeking long term care protection but unsure how to finance it, according to Bill Bargfrede of LTC Financial Partners, the nation's most experienced long term care insurance brokerage.HSA's are tax-advantaged savings accounts restricted to health-related purposes. Funds may be withdrawn tax-free to pay for long term care (LTC) insurance, deductibles, co-insurance, and dental and vision care. Key provisions of the new law include --* Expansion of the maximum amount that may be contributed annually.* The addition of new funding sources, such as one-time transfers from individual retirement accounts (IRA's).* Permitting employers to make extra contributions for lower-paid workers."What this means," says Bargfrede, "is that millions of Americans will have a painless way to protect their wellbeing, lifestyles, and assets in case they encounter longer-lasting health problems."Those without an HSA may set one up through a bank, credit union, insurance company, or other approved organization. Employers may also set up plans for their employees.LTC Financial Partners has established alliances with banks and major employers that make HSA's available to their clients or employees. "Working with our alliance partners," says Bargfrede, "we are a gateway to the full range of LTC and financial advice, including HSA assistance." Experts are available in all parts of the country to answer questions. Based in Encinitas, Bargfrede is leading the effort locally.Bill Bargfrede has been involved exclusively with long term care insurance for over 10 years. Nationally recognized as one of the leading producers for this specialized protection of assets and independence, Bill represents the major carriers who demonstrate an ongoing commitment to the industry, as well as sound financial reserves and selective underwriting standards. His sincere desire to help families and individuals learn more about their long term care needs has gained him loyal clients and local recognition as a compassionate and informed expert in long term care.A regular speaker on “the panel of experts” at the National LTC Insurance Producers Summit, Bill has also published articles for trade publications, conducted LTC Training Workshops for CPA’s and attorneys, and he continues to be a local San Diego resource for those in the financial planning industry. Bill is a member of the American Association for Long Term Care Insurance and an advisory board member for the California Partnership for Long Term Care.Contact: Dick Samsondicksamson@eranova.comTel: 973-335-3699

EraNova Institute
Dick Samson

dicksamson@eranova.com