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Anonymous
Anonymous Question:

Tax perks of long term care insurance?

Is there such a thing as tax qualified LTCi? What are the tax perks of long term care insurance?

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Seth
Seth Answered:

Yes, there is. Buyers can get tax benefits from buying long term care plans. 

Benefits received from a tax-qualified LTCi policy that was purchased by an individual are non-taxable and therefore excluded from Adjusted Gross Income.

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Ashish Kelkar
Ashish Kelkar Answered:

I suggest you opt for Bharti AXA’s Term Insurance. The period of the insurance ranges from 10, 15, 20, 25 and 30 years.You can choose an appropriate term for your investment and get tax benefits for the entire period. A Term Insurance for a Crore with Bharti AXA, can save you about 30 thousand as tax.

 

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Hans Macoy
Hans Macoy Answered:

You are eligible to receive tax advantages when you purchase a long term care insurance policy. Benefits received under a qualified long term care planning policy are federal-income-tax-free because they are considered reimbursements for medical expenses.

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