Long Term Care Insurance Tax Deduction May be Overlooked
Summary
"After retiring income typically drops and medical and health expenses increase to a point where premiums for long term care insurance can be deductible something people could mistakenly overlook." According to the Association, the Federal government and a number of states offer tax incentives as a way of encouraging more individuals to take personal responsibility for future long term care needs." The national long term care insurance expert notes that the tax deductible limits are increased each year to keep pace with inflation."After retiring income typically drops and medical and health expenses increase to a point where premiums for long term care insurance can be deductible something people could mistakenly overlook."According to the Association, the Federal government and a number of states offer tax incentives as a way of encouraging more individuals to take personal responsibility for future long term care needs.