Long-Term Care Insurance Tax Deductions & Tax Free Benefits

Individual Long-Term Care Insurance Premium Deductibility Premiums for long-term care insurance are deductible with other individual medical expenses under IRC Section 213(d)(1)(D). For the premiums to be deductible, long-term care (LTC) insurance must be considered “tax-qualified” under IRC Section 7702B(b)). Fortunately,…

4 Components to a Long-Term Care Plan

Planning for Long-Term Care Everyone needs a plan for extended care (long-term care/LTC). What does a LTC plan include? There are four main components: Care Preferences, Family, Finances, and Legal Matters. These areas will cover the Who, What, Where, and…

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