Long Term Care Insurance


We all know a traditional Long-Term Care Policy can help with long-term care expenses. But, did you know it can give you tax advantages too?

Current tax laws allow you to deduct either the actual or eligible premium paid for a tax-qualified LTCi policy. The eligible premium is determined by the Consumer Price Index and the age of the policyholder.

Make sure you get a Long Term Care policy that is tax-qualified: the benefits paid are intended to be tax-free as long as they do not exceed the greater of:

  • Qualified LTC daily expenses
  • The per-day limitation which is set each year by the Internal Revenue Code

If you have already ordered your policy from us then congratulations.  LTCI protects your estate by putting a large moat around your life savings so that there is enough money left for your spouse and your estate.  

The biggest cause of retirees going bankrupt is Nursing Home and Assisted Living Expenses.  

Don’t use the excuse: “I’ll die before I need it; or, my parents died young”.  We are all living longer and your kids can’t afford to pay for nursing home costs AND it is really hard to get Medicaid to pick up the tab.  Even if you do qualify for Medicaid, if you own a house they will go after the estate to sell the house to claw back the expenses you incurred.

Click here to read an in-depth article on the topic.