Nearly 75% of Americans say they'd be more likely to purchase long term care insurance if there were tax incentives to do so-- unaware they already exist.
Bellevue, Washington (PRWEB) March 30, 2016
Long Term Care Associates, Inc. ("LTCA") is making a new guide available to the general public which reveals the many federal and state tax advantages associated with long term care insurance. With the updated figures taxpayers need, this seven-page guide will benefit individual long term care insurance policyowners, tax preparers, CPA's, and business owners at a time when taxes are on everyone's minds.
Senior vice president of LTCA, Stephen D. Forman, commented on the release of the guide, "Surveys show that more families would purchase long term care insurance if there were some kind of tax incentive to do so. Ironically, the federal government legalized its income-tax deduction nearly 20 years ago, while another thirty states have since adopted some form of credit or deduction on their taxes."
Forman continued, "While many Americans tend to purchase long term care insurance in mid-life, when the deduction is relatively modest, it grows powerfully over time. First, the maximum amount eligible for the federal deduction rises with inflation each year, and second, as we age we climb into brackets that are increasingly generous-- limits as high as $4,750. That's well above the national average policy premium."
Those who download LTCA's Guide to the Tax Advantages of Long Term Care Insurance will find the following:
- Age-based limits on premiums paid by an individual
- Tax treatment of HSA's, MSA's and Section 125 Cafeteria plans
- Tax treatment of premiums paid by C-corporations, S-corporations, LLC's and Partnerships
- A state-by-state review
- Tax treatment of long term care benefits
While the federal deduction is limited to those individual tax filers who itemize medical expenses, the advantages for small business owners who wish to fund an LTC insurance policy through their company can be very generous. For help simplifying this transaction while maximizing savings, business owners are encouraged to consult with an experienced LTC Specialist about how to structure the best long term care insurance plan.
With roots dating back to 1972, Long Term Care Associates, Inc. (LTCA) has now entered its 5th decade focused exclusively in the LTC solutions marketplace. Headquartered in Bellevue, WA, the company is proud to serve over five million members of sponsoring organizations, and count the claim payments to its clientele in the tens of millions of dollars.