Even if you don’t admit it, many of you are discouraged to apply for long term care insurance because it’s expensive and you’re confident that you will not need long term care anytime soon. The government has recognized this and that’s why they offer tax deductions. So far, so good because people are getting more interested in requesting for long term care quote from variety of carriers. With these deductions, people will find ltc policies as more affordable. In order to understand long term care tax deductions further, here’s a short video you can watch.
This shows that your long term care insurance premiums paid for a tax-qualified long term care is considered as a medical expense and thus it is tax deductible. You also need to remember that the amount of your long term care tax deduction is based from your age on the tax year.
I guess you can still save money when you purchase long term care plans even without the government program referred to as CLASS Act. Why suffer and pay for expensive long term care services when you can have a policy that would shoulder everything and tax deductible, right?