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Tax Deductions
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If you own a tax-qualified long-term care (LTC) insurance policy, don’t forget to check with your tax professional to see if you are eligible for tax deductions for premiums you paid. The Federal government and a growing number of states now offer tax deductions or credits.
Haven’t purchased a long-term care policy yet because you’re concerned about the cost? Call Burling Insurance Group Long Term Care and find out if the tax benefits can help you afford the policy you want. To encourage more Americans to plan for the risk of needing long-term care, the Federal government offers deductions based on attained age and your total medical expenses. Some states also offer a credit or deduction for tax-qualified plans.
Please speak with a tax advisor regarding your specific tax situation. An LTC insurance specialist will be able to speak with you about the tax-advantage of specific long-term care insurance policies.
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