Keep those fingers crossed: long-term care insurance

  • Article by: KATY READ , Special to the Star Tribune
  • Updated: April 13, 2011 - 11:01 AM

Do you have long-term care insurance? Better hope you never need it.

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jengdahljApr. 13, 11 5:45 PM

How does Long Term Care (LTC) insurance fit in the longevity puzzle? http://www.healthcaretownhall.com/?p=3433

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drsmithApr. 14, 11 9:26 AM

Which states offer tax incentives and what are they?

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debnewmanApr. 14, 1110:09 AM

The 1996 Health Insurance Portability and Accountability Act (HIPAA) provides favorable tax treatment of premiums and benefits for qualified Long Term Care Insurance (LTCI) policies. The law allows taxpayers to deduct certain LTCI premiums and unreimbursed LTC expenses paid on behalf of themselves or their dependents. It also provides that employer-sponsored LTCI plans qualify for the same favorable tax treatment as health plans. Additionally, the majority of states now offer either a tax deduction or tax credit for those who are planning ahead for their future long term care needs. Minnesota offers an annual tax credit of up to $100 per policyholder for qualified LTCI policies that meet a couple of requirements: your long-term care insurance policy must qualify as a federal deduction (see federal Schedule A of Form 1040), disregarding the 7.5 percent income test, and the policy must have a lifetime long-term care benefit limit of $100,000 or more. For a complete listing of the states offering a tax incentive to purchase Long Term Care Insurance, click here: http://www.newmanlongtermcare.com/docs/StateTaxIncentives.pdf The other thing that most people don’t know about LTCI is that business owners, depending on their business structure, may deduct up to 100% of long term care premiums paid with company dollars. Find a brief summary of the tax benefits for corporations and self-employed individuals at: http://www.newmanlongtermcare.com/docs/LTCTaxation.pdf

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