Is Long Term Care Insurance Tax Deductible? [Dan Tripp]

๐Ÿ‘‰Is Long Term Care Insurance Tax Deductible? We review if it is financial tax deductible?๐Ÿ‘ˆ

๐Ÿ‘‰What is a tax-qualified long-term care policy?
Most long-term care policies are tax-qualified (Always check with your insurance specialist for specifics like Dan Tripp).

-term care insurance policies come with tax-free benefits and deductible premiums. This means that insureds are generally not taxed on the benefits they receive from these policies.

Also, the premiums can be deductible as unreimbursed medical expenses if the insured meets the adjusted gross income (AGI) threshold.

Your insurer can tell you whether your long-term care policy is tax-qualified or not.

The rules for deductibility and tax-free benefits can differ at the state level. Check with your tax adviser to confirm the rules for your state.

๐Ÿ‘‰Is tax insurance policies tax deductible?

Long-term care insurance premiums can be costly.
The IRS allows qualified taxpayers to deduct a portion of their long-term care insurance premiums on their tax returns based on their age.

Generally, you must itemize deductions and have expenses that exceed the AGI threshold to qualify.

There is an exception for qualified self-employed individuals.

Consult your financial advisor to learn more about your long-term care insurance policy and how you can deduct it from your tax return.

Get Home Care Assistance in Michigan with Assisting Hands Home Care:

Assisting Hands Michigan

๐Ÿ‘‰– Shoes –๐Ÿ‘ˆ
Our Recommended Shoes:

Podiatrist Recommended Shoes

Our Recommended Products:

๐Ÿ“ขSee a Physician!๐Ÿ“ข
See a Physician if you have a health issue. This information is NOT specific to your medical problem.

If in Michigan, consider seeing us:

Assisting Hands Michigan


๐Ÿ‘‰– LINKS –๐Ÿ‘ˆ
(With some links, we use affiliate links and may earn a commission. Check with your doctor before using any product!)

๐Ÿ“ขDisclaimer:๐Ÿ“ข This video and description contain affiliate links, which means we may receive a commission if you click on one of the product links. Thank you for your support of this channel!

This is opinion only:
Do not consider this video a substitute for professional medical advice, diagnosis, or treatment for the viewer or reader. We strongly urge you to contact your physician with any questions regarding your medical condition. If you have an emergency, call 911 immediately or see your physician. Do not allow this information to let you disregard your professional’s medical advice or delay seeking information from this content. Do not rely on information provided by this general education video.

Healthcare practitioners: The content here is for education purposes only. The authors have done their best to provide the most up-to-date, evidence-based information, but this content should definitely not be considered any type of medical standard. It does not reflect individual practices in other geographic areas.

This is strictly for medical education purposes only, and it is not intended for diagnosis or treatment. The information in these videos is the author’s opinion and is not an official opinion of any organizations that the authors may be a part of. The authors or speakers are not associated with any of the above products.

Leave a Comment