Medical expenses that exceed a prescribed percentage can be tax deductible. But here's why a traditional, tax-qualified long-term care insurance policy could be enormously beneficial to you - especially when you are 70 or older (and one day you will be 70!). Tax experts predict fewer Americans will itemize their expenses. 2022 / 2023 - WHY SOME LTCi OFFERS REAL TAX BENEFITS AFTER AGE 70 LTC insurance offers a future tax benefit few seniors are aware of! Please consult a tax advisor regarding your particular circumstances. This information is provided for informational purposes only and should not be construed as tax advice. The American Association for Long-Term Care Insurance offers this information to help you better understand the various tax implications relating to LTCi policies. Included provisions for favorable tax treatment of qualified Long-Term Care insurance (LTCi) contracts. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) Click here to complete our simple online questionnaire and get the ball rolling. If you would like to capitalize on tax advantaged savings available to those purchasing LTC insurance protection, now is the time to start the process. Tax codes now offer tax incentives to encourage Americans to take personal responsibility for their future long-term care needs. Recognizing that government can't pay the bill for long-term care, federal and a number of state Long-Term Care Insurance Tax-Deductibility Rules - LTC Tax Rules
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