It’s a Bird…It’s a Plane…It’s YOU to the Rescue
Want to feel like a superhero? Show your clients how purchasing a long-term care insurance policy has the potential to reduce their tax bill.
While it can’t help them to leap tall buildings in a single bound, a traditional LTCi policy can do some amazing things. In addition to protecting what matters most – family relationships, the ability to stay at home as long as possible, and the savings they sock away for retirement – a traditional LTCi policy also gives your clients these tax-savings advantages:
Current tax laws allow for the deduction of either the actual premium paid for a tax-qualified LTCi policy or the eligible premium amount determined annually by the federal government.
Policy benefits from a tax-qualified LTCi policy are intended to be tax-free as long as they don’t exceed the greater of qualified LTC daily expenses, or the per-day limitation ($360 in 2018).