THE GOOD LIFE, LONGER

Lincoln, NE - In conjunction with National Long-Term Care Awareness Week (November 4-10), State Treasurer Shane Osborn is pleased to announce a new marketing campaign aimed at raising awareness for long term care needs in Nebraska.

Entitled “the good life, longer,” Treasurer Osborn hopes this campaign will educate Nebraskans about the realities of long term care and encourage them to participate in the Nebraska Long-Term Care Savings Plan.

“The first of America’s 78 million baby boomers turned 60 this year and an additional 7,900 reach that same milestone every day,” said Osborn. “With advances in medicine, most boomers can expect to live into their 90s, but experts warn that more than 95 percent of them are unprepared for eventual long-term care needs associated with living a long life.

“That’s why in 2006, my office worked with the Legislature to create a solution that was unlike any other public policy initiative seen throughout the rest of the country: The Long- Term Care Savings Plan.

“Nebraska is the only state in the nation to actually offer incentives to both save and pay for future long-term care expenses, including insurance premiums. By planning ahead, individuals can save their assets and income for uses other than long-term care and preserve the quality of life for their spouse or loved ones.

“I have high expectations for this program and I realize our impending success is going to engage other states in this issue and eventually they will begin to draft similar versions of this program for their own citizens. With other states on board we will then be in a position to appeal to lawmakers on Capitol Hill and push for federal tax benefits.”

Treasurer Osborn retained the creative services of the minnow Project, a Lincoln-based marketing, advertising and web design firm, to lead up the campaign. For more information on Nebraska’s Long-Term Care Savings Plan please visit www.thegoodlifelonger.com or call Trent Fellers, Director of Long Term Care, at (402) 471-2455.

Nebraska Long-Term Care Savings Plan FAQ:

Q: What is the Nebraska Long-Term Care Savings Plan (LTCSP)?

A: An LTCSP is a state-tax-sheltered savings or investment account opened by a consumer at a participating bank, savings bank, credit union or other financial institution or a subsidiary.

Q: Who can open a LTCSP account?

A: Any individual can open a LTCSP account in their name from a qualified participating institution.

Q: Why should I open a Nebraska LTCSP account?

A: This cost-effective plan is a way to save for your own care. In addition to assuring that the money will be there when you need it, the plan also gives you more control over your health care options. Without a private long-term care plan, the options for care may be restricted to what family or government is able to provide.

Q: What are the tax advantages of establishing a LTCSP account?

A: A Nebraska income tax deduction is available for contributions of up to $1,000 per person ($2,000 per joint return) per year. In addition, all the earnings of the account can generally be excluded from adjusted gross income for Nebraska income tax purposes.

Q: What “long-term care expenses” are eligible to be paid from a LTCSP account?

A: Long-term care expenses include licensed nursing or assisted living facility, in-home assistance, basic therapeutic care, health maintenance activities, home health services, qualified home modifications, assistive technology, adult day care, rehabilitation treatments, respite and hospice care.