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Long Term Care Insurance: Tax Deductible

Tax Incentives Make Long Term Care Insurance Attractive

Income tax deduction form

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Considering long-term care insurance? Tax time may be a good time to move your decision to the front burner, because the premiums of many policyholders may be subsidized by tax deductions or credits.

Federal tax deduction limits range from $370 to $4,660, depending on age. “If you get a policy now, you could start the subsidy ball rolling for years to come,” says Kim Beckham, an LTC specialist with ACSIA Partners, one of America’s most experienced long-term care insurance agencies, with offices in Victoria.

Over the lifetime of many policies, “Cumulative deduction claims can amount to several thousand dollars, even up to $100,000 or more,” says Beckham.

Already have long-term care insurance? Remember to make your claim on this year’s return, due April 15. The states are getting into the subsidy act, too. Already more than half offer additional incentives for owning long-term care insurance. These usually take the form of state tax deductions or rebates. "People can check with me for policy options and incentives available in this area," says Beckham.

ACSIA Partners does not offer tax advice, but teams with accountants and other tax experts to help their clients get all the deductions or other benefits available to them.

Article By: Kim Beckham, Texas LTC Insurance Specialist

Kim Beckham is a leading long-term care insurance agent in Texas, serving consumers as well as organizations seeking long-term care insurance. “We’re glad to help them learn if this type of protection is right for them, and if it is, to find the best, most affordable policy for their situations, including available financial incentives,” Beckham says.

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