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long term care insurance

4 min read

The tax benefits of long term care insurance provider

One of the most valued insurance plans available in the market today is that of long term care insurance. As the need for long term medical care has expanded, so has the demand.
With the growth in this part of the insurance market, there has also been an increase in the number of policies that qualify for tax deductions.
One of the reasons this is the case is because the government has realized how it can’t feasibly foot the bill of a large number of people on healthcare, especially for care which extends over one’s lifespan. In addition to this, there is also a consideration given to the tax payer’s financial needs and reduce the tax burden, who would otherwise ended up paying more.
The laws regulating tax-benefits for long term care insurance is codified in the ‘Health Insurance Portability and Accountability Act of 1996’ or HIPAA.

The different tax advantages that are available depends on the category that you are likely to belong to:

1.) Individuals:
The Internal Revenue Service considers tax-qualified LTC premiums as a medical expense.
An employee who itemizes his deductions can deduct his long-term care premiums as a medical expense. However, since the long-term insurance portion is capped by age and because only a portion of one’s total medical expenses that exceed 7.5 percent of one’s adjusted gross income is deductible, few employed individuals realize a full deduction on their LTC premium.
In general, it isn’t a great deduction as one would have to have a whole bunch of medical expenses before one can even get to the LTC premiums being deductible. Also to consider here is the fact that health problems that are covered under the LTC I plans arise only later in life and not at the time when the deductions are done.


2.) Self-employed Individuals:
A self-employed individual is eligible to deduct 100% of the total out-of-pocket expenses paid to cover for the long term care insurance premiums, up to the eligible premium amount as per the rules.
The portion of LTCI premiums that exceed the limit are not eligible for tax deductions.
However, a self-employed individual may not deduct LTCI premiums during any month when he or the spouse is eligible to apply for a subsidized LTCI plan, where the employer is paying for all or part of the premium.


3.) C Corporation:
A C corporation provides for the greatest deduction. The law provides for 100% deduction of the LTC premiums. Also, they aren’t subject to age limits and the business can establish a specific group that is provided insurance by the business.


4.) Cash-value life insurance and nonqualified annuities
The government also provides a tax incentive for owners of cash-value life insurance and nonqualified annuities. The purpose of this is to shift some of their money into long term care insurance.
Interest that is withdrawn from a cash-value life or annuity is taxed as normal. But if that interest is used for paying the long term care insurance premium, the tax can be avoided altogether.


5.) State income tax credits
Half of all states offer some kind of tax credit or state IT deductions, to act as an incentive to purchase long term care insurance. The tax credit can range as high as 25% of the total long term care insurance premium paid in that particular year.

6.) HSA/MSA premium payments
Health savings account or medicare medical savings account holders can use the money in their account to pay for most or all long term insurance premiums on a pretax basis.

Long term care planning regarding insurance matters need to take into consideration how tax laws will affect them, in both the short and long run. It should be noted that this will also add up to the final costs, making the entire process cheaper or more expensive.
Furthermore, it is important to note that long term care insurance quotes aren’t the only factors that decide the financial costs. Taxation will ultimately decide whether a policy is affordable or unaffordable.

While the list of benefits aren’t extensive and shouldn’t be considered as professional advice regarding the tax-benefits of long term care insurance, it does give a general idea to those purchasing a LTC insurance policies, regarding their tax benefits.

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