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New Limits for Long-Term Care Premium Deductibility Issued by IRS (updated for 2024)

October 2022

Long Term Care Insurance may be one of the most tax-advantaged planning solutions available. Not only are benefits paid 100% tax-free, but you may also be able to deduct the premiums. See below for the 2024 tax deductible amounts recently updated by the IRS. For self-employed individuals, including LLC, PA, S-corporations and partnerships, the 2% […]

New Limits for Long-Term Care Premium Deductibility Issued by IRS (updated for 2022)

October 2020

Long Term Care Insurance enjoys a unique status in the tax codes. Not only are benefits usually received 100% tax-free, but policyholders may be able to deduct some or all of their premiums. The IRS has recently released their 2022 tax deduction limits. For self-employed individuals, including LLC, PA, S-corporations and partnerships, the 2% or […]

2017 Guide to Tax and Long Term Care Insurance – Now Available

March 2017

New guide shows the government tax incentives to own a long term care policy Individuals, business owners and human resource professionals who want an understanding of both federal tax incentives as well as state incentives will want to have the 8-page guide “Tax Breaks & Incentives for Long Term Care Insurance.” Updated for 2017, it […]

Tax-Friendly Ways to Pay for LTCI

August 2016

Below are 4 ways that can make long term care insurance more affordable through tax-advantages: Tax-free withdrawals from an HSA (health savings account). Deduct long-term-care premiums as a medical expense. Make a tax-free transfer from an annuity. Make a tax-free transfer from permanent life insurance. For the full article and more information on these tax-friendly […]

Federal Government Offers Tax Breaks for Long-Term Care Planners

October 2015

In 1997, the federal government began offering tax incentives to reward people for buying long-term care insurance, including tax-qualified policies. Congress created tax-qualified policies to encourage consumers and insurance companies to embrace long-term care insurance. Under a tax-qualified policy, insurance premiums qualify as itemized deductions on federal tax returns. Additionally, benefits from a qualified policy […]