If you're interested in acquiring insurance coverage for extended home, community and nursing home care, you'd better act quickly.
PERS provides health and retirement benefits to more than a million active and retired members.
And thanks to a health insurance reform bill, effective this year, UC employees can deduct a portion of the premiums they will pay for long-term care insurance. The maximum allowed for deduction depends on age and will be indexed annually for inflation. This means that premiums members pay for their coverage will be treated like regular health insurance premiums and other medical expenses, which will be tax deductible if total annual itemized expenses exceed 7.5 percent of the taxpayer's adjusted gross income. Like regular health insurance, benefits from the long-term coverage will not be taxable as income. Medicare, MediGap and other health insurance plans do not cover long-term care for chronic and disabling conditions.