Monthly Archives January 2020

IRS Issues Long-Term Care Premium Deductibility Limits for 2020

IRS Issues Long-Term Care Premium Deductibility Limits for 2020 The Internal Revenue Service (IRS) has announced¬†the amount taxpayers can deduct from their 2020 income as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the insured’s adjusted gross income. These premiums — what the policyholder pays the insurance company to keep the policy in force — are deductible for the taxpayer, his or her spouse and other dependents. (If you are
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Updated: NAIC Shopper’s Guide to Long-Term Care

With the ever-growing popularity of linked-benefit insurance plans, or “hybrid” plans, the National Association of Insurance Commissioners (NAIC) has updated their consumer publication, A Shopper’s Guide to Long-Term Care Insurance. The NAIC wrote this Shopper’s Guide to help you understand long-term care and the insurance options that can help you pay for long-term care services. The decision to buy long-term care insurance is very important. You should not make it in a hurry. Most states’ laws require insurance companies or agents to give you this Shopper’s Guide to help you better understand long-term care insurance and decide which, if any,
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