Long Term Care Tax Advantages
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Tip: If you are posting a market request, include the state abbreviation in your post title to get better responses.
Tip: If you are posting a market request, include the state abbreviation in your post title to get better responses.
Long Term Care Tax Advantages
Do you know that there are Long Term Care tax advantages. Paying premiums through your business is an ideal way to take advantage of tax breaks in your insurance plan. Depending on the type of business (ex. C-Corp, S-Corp, partnership, etc.) a large portion of the premiums may be tax deductible.
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BeatrixLewis
- Insurance Journal Enthusiast
- Posts: 8
- Joined: Fri Aug 24, 2012 2:18 am
Re: Long Term Care Tax Advantages
Another way to take advantage of long term care tax deductible is through tax-qualified ltc insurance. Their premiums are considered as medical expenses and they are deductible but only to the extent that they go beyond the required amount to meet AGI or Adjusted Gross Income for individual tax payers. This is just one of the many ways people can save money when purchasing long term care insurance. It's expensive in nature but with these deductible and other factors, people will surely be more interested in buying this type of coverage. But first they need to make sure that the policy they will purchase is eligible for tax advantages. They can ask insurance providers for ltci about this in order to make sure that they can save on their premiums and they can save more money without sacrificing the quality of their coverage.