January 2023
Over 30 states offer an incentive for owning Long Term Care Insurance, whether by allowing a state deduction or a tax credit. For example, in Minnesota, if you or your spouse/partner paid premiums in 2023 for a qualified LTCI policy, you may be able to receive up to $100 tax credit each if you file […]
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% […]
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 […]
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 […]
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 […]
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 […]