At Our Last Meeting:
*********************************************************************On June 19, 2008 the Rockville Rotary Club welcomed Rhonda Gimbel as our guest speaker of the day. Rhonda works as a Long Term Health Care Professional. Rhonda visited with the Rockville Rotary Club to speak about issues of long term health care needs and to present information on long term care insurance. We appreciate Rhonda’s informative discussion on long term health care. Below is a synopsis provided by Rhonda J. Gimbel on her presentation Long Term Health Care Needs. ********************************************************************* Long Term Health Care Needs
By Rhonda Gimbel, LTCP We protect ourselves and our families from major unexpected life events by transferring that risk to insurance companies.
Since Long term care needs is the most frequently mentioned gap in our personal financial planning I have chosen to educate individuals and businesses on whether long term care insurance is the most appropriate solution to their future long term care needs.
As a result of people living longer, we are much more likely to need long term care, yet this type of insurance is often not on our radar screen. To encourage more Americans to plan for the potential risk of needing costly long-term care, the Federal government and the state of Maryland now offers significant tax-saving incentives for the purchase of special tax-qualified long-term care insurance. Most individuals are unaware of this fact and the significant savings opportunity it provides and some of the exclusive benefits offered to the small business owner.
Legislation passed in 1996 created generous incentives for business owners to purchase long-term care insurance for themselves, spouses as well as their key executives.
The rules vary based on the type of business entity but in general, business owners can deduct 100 percent of insurance premium paid for employees. Owners can deduct up to 100 percent of their own premium. In addition, the law allows spouses to be insured under the company-plan, even if they are not employed. Most insurers today offer significant discounts when both husband and wife are protected. When you factor in the tax savings applied to both policies, it's almost like getting two people covered for the cost of one. Businesses that are established as C-Corporations benefit today from full deductibility for owners and spouses. The owner can offer tax-deductible long-term care insurance coverage to whomever they choose on a selective basis - even if that's merely the owner and his or her spouse. This is truly one of the last remaining tax-advantaged benefits available especially for owners. Here in Maryland insurers offer paid-up options that allow the business owner to have their protection fully paid for upon reaching age 65 or after a pre-determined time period, say 10 years. This is an important advantage available to a business owner who wants to have their coverage paid-up fully before they retire or sell the business. You're covered for life without having to write checks when you are retired.
For more information on tax-advantaged rules pertaining to individuals and business owners interested in long-term care insurance planning please contact me at (301) 294-0641 or email me at rgimbel@rhonda4ltc.com. Next, for many years the Rockville Rotary Club has given awards and recognition through the Rockville Rotary Monthly Student Recognition program to outstanding students from local high schools, Richard Montgomery High School and Rockville High School. The Rockville Rotary Club selected two outstanding students Elom Lee and Sara Kugler to receive a scholarship award for their contributions and work in Community Service. The first award winning student, Elom Lee is a graduate of Rockville High School. Elom arrived in the United States two and a half years ago from Africa. In addition to maintaining good grades and taking advanced placement courses while attending Rockville High School, Elom is being recognized for her participation as a counselor in the SADD program, Students Against Destructive Behavior. In addition, Elom volunteered in the community center and in her church. Elom would like to pursue her college education in the fields of Engineering and Business. Next, the second award winning student, Sara Kugler is a graduate of Richard Montgomery High School where she participated in the honors program and took advanced placement courses. Sara is being recognized for her community service work with the DC Domestic Violence Center and the City at Peace Program and other service projects. Sara is interested in pursuing a college degree in Social Policy and Practice. The Rockville Rotary Club is very happy to have had the opportunity to give recognition and awards to these two very accomplished young people. The Rockville Rotary Club looks forward to continuing to recognize and honor students from Richard Montgomery High School and Rockville High School through the Rockville Rotary Club Monthly Student Recognition Program. ********************************************************************* VISITING ROTARIANS ON JUNE 19, 2008: Natalia Farrar Natalia is a member of the Washington, D.C. Rotaract Club. Natalia visited with the Rockville Rotary Club to learn more about the Rotary International Organization and to get some advice on pursuing a career in Service Work. It was very nice to have Natalia as a visitor at the Rockville Rotary Club. GUESTS ON JUNE 19, 2008: Rhonda Gimbel Rhonda visited with the Rockville Rotary Club as our guest speaker of the day. Rhonda works as a Long Term Health Care Professional. Rhonda visited with the Rockville Rotary Club to speak about issues of long term health care needs and to give information on long term health care insurance. We would like to thank Rhonda for speaking at the Rockville Rotary Club and would like to welcome her to visit with the Rockville Rotary Club again as our guest. Elom Lee Elom is a graduate of Rockville High School and a scholarship award recipient from the Rockville Rotary Club. Elom who moved from Africa two and a half years ago won an award for her participation in community service work. Elom is being recognized for her community service work as a counselor in the SADD program, Students Against Destructive Behavior while at Rockville High School and other community service projects. Elom will be pursuing a college degree in the fields of Engineering and Business. We would like to thank Elom for attending the Rockville Rotary Club to receive her award. We would also like to invite Elom to visit with the Rockville Rotary Club as our guest and give us an update on her educational plans and goals. Laurence Yansunnu Laurence is the younger sister of award winning Rockville Rotary Club award winning student Elom Lee. Laurence visited with the Rockville Rotary Club in support of her sister Elom. Welcome Laurence. Sara Kugler Sara is a graduate of Richard Montgomery High School. Sara received a scholarship award from the Rockville Rotary Club for her participation in community service work with the DC Domestic Violence Center and the City at Peace Program and other service projects. Sara is interested in pursing a college degree in social policy and practice. We would like to thank Sara for attending the Rockville Rotary Club to receive her award. We would also like to invite Sara to visit with the Rockville Rotary Club as our guest and give us an update on her educational plans and goals. *********************************************************************
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