Bob and Jane, age 53 and 51, are physicians, each earning over $100,000 per year. Through years of prudent financial decisions and a commitment to saving money they have accumulated over $1,500,000 in assets, paid off their home, and have no outstanding debts. The couple's combined annual living expenses are $60,000, and they have planned their estate to reduce taxation to a minimum. Although Bob and Jane are not interested in life insurance, they want to learn more about long-term care insurance. Which of the following statements regarding their long-term care insurance needs are CORRECT?\\n\\nA)\\nPremiums paid by the individual are tax-deductible as a medical expense for itemized deduction purposes, subject to limitations based on the individual's age.\\nB)\\nMedicare covers only a maximum of 100 days of custodial nursing care, and only the first 20 days are covered 100%.\\nC)\\nIf the insured qualifies for a viatical settlement, the insured cannot exclude the gain from the sale of the policy if the proceeds are used for the insured's long-term care.\\nD)\\nLife insurance policies do not provide an accelerated benefit or living benefit rider which can be used to pay for nursing care costs.
Bob and Jane, age 53 and 51, are physicians, each earning over $100,000 per year. Through years of prudent financial decisions and a commitment to saving money they have accumulated over $1,500,000 in assets, paid off their home, and have no outstanding debts. The couple's combined annual living expenses are $60,000, and they have planned their estate to reduce
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