Tax Benefits of Long Term Care Insurance

Tax Benefits of Long Term Care Insurance

There are many significant advantages to purchasing Long Term Care Insurance. For example, Long Term Care Insurance: Helps provide protection for a retirement nest egg. Helps people remain in their homes as long as possible. Helps people ensure they receive the quality of care desired. Helps ensure parents will not have to rely on their kids to take care of them. While most would agree these are all great reasons to buy Long Term Care Insurance.  Let's not forget there are also other important advantages to consider: The potential to save on federal and state income taxes. Long Term Care Insurance Premiums May be Tax Deductible When it comes to the amount of … [Read more...]

Have You Heard of the CLASS Act?

Long Term Care Insurance

The CLASS Act, otherwise known as the Community Living Assistance Services and Support Act, is the federal government's first attempt at a long-term care insurance program. While Congress spent the last year debating how to provide health insurance for the uninsured, this little-known provision slipped into the heath care law that could cost some Americans upwards of $2,000 a year. Under-reported and the under the radar of most lawmakers, the program will allow workers to have an average of roughly $150 or $240 a month, based on age and salary, automatically deducted from their paycheck to save for long-term care. Both supporters and detractors admit much needs to be worked out. There … [Read more...]