"The good news is that Uncle Sam and the states want to help," says Dehn. The help, in the form of tax relief, applies to multiple ways of paying for care, ranging from long-term care insurance to annuities and reverse mortgages.
Tax benefits of owning long-term care insurance: For the 2014 tax year, federal tax deduction limits for LTC insurance range from
In recent years, many states have followed Uncle Sam's lead. "Well over half now offer some form of tax deduction or credit for owning LTC insurance," says Dehn. "Our agents can provide local details."
Tax benefits of life insurance and annuities that cover long-term care: So called long-term care riders convert life insurance or annuity benefits into an LTC benefit covering care when needed, "but most of the riders now available are not tax-qualified," says
Tax benefits of critical illness insurance: CI insurance is an increasingly popular, affordable means of protecting oneself from major conditions (such as cancer or dementia) that may lead to the need for long-term care. The premiums are not currently tax-deductible for an individual buying coverage; but the benefits are received tax-free.
Tax benefits of a reverse mortgage: Available to homeowners 62 or older, reverse mortgages are special mortgage loans insured by the
Organizations, like individuals, may also benefit from LTC tax incentives. "Premiums can be 100% tax-deductible to a business," says Dehn. "Premiums are not considered income to the employee, and when benefits are received, they're generally tax-free."
LTCFP does not offer tax advice but teams with accountants and other tax experts -- as well as employee benefits and human resources professionals -- to help their clients get all the deductions or other benefits available to them.
Help is available to individuals and organizations from long-term care insurance solutions specialists in all states, at http://www.ltcfp.com.
LTCFP is a co-founder and sponsor of the "3 in 4 Need More" campaign, which seeks to alert Americans to the long-term healthcare crisis, and to multiply the number protected by long-term care planning.
*(PHOTO 72dpi: Send2Press.com/mediaboom/14-0218-ken-dehn_400x300.jpg )
*(Photo Caption: LTCFP General Counsel
This release was issued through Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Press Release Distribution at http://www.Send2Press.com
Keywords for this news article include: Real Estate, Reverse Mortgage, Insurance Companies, Investment and Finance, LTC Financial Partners Llc.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC
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