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When one purchases a long-term care insurance policy, it may be considered either "tax qualified" or "non-tax qualified." In the present day, most plans are considered to be tax qualified long term care insurance. Although what exactly does this mean? Tax qualified long term care insurance policies make available their owners certain tax advantages, as well as the deductibility of premiums, tax-free advantages, & preferential treatment by numerous states. Such type of plans must, however, cover only "qualified" long term care services, & they need to not pay or else reimburse for expenses that are reimbursable towards the patient by Medicare, with just a few exceptions. Additionally, these kinds of plans must not impose unreasonable gain limits otherwise exclusions - as well as the law specifically calls for these tax qualified long term care insurance policies to go with certain provisions pertaining to the extension of benefits and disclosures. When one begins to receive advantages from a tax qualified long term care insurance policy, all of the benefits that reimburse the policy holder for their actual care expenses shall be received tax free. In addition, all benefits from a tax qualified long term care insurance plan which pays a set dollar total when the patient is terminally ill may also be received tax free. Since the premiums which can be paid for tax qualified long term care insurance policies are considered to be medical expenses, a portion these premiums can be taken like a tax deduction about the policy holder's annual tax return. This kind of amounts will truly vary depending on the employment status of the policy holder, consequently it is best to consult with a tax advisor on these matters. How Senior Life Advisors Can Assist When choosing the proper long-term care insurance for your specific situation, it's a good suggestion to discuss all of the pertinent options that can be found with an expert who's well versed in the long-term care insurance field. This will help to ensure that you might be presented while using many different ways that the coverage could be set up. Senior Life Advisors cares really about seniors, and we work hard to make sure that you are happy with the insurance coverage that you need & deserve. To know more about Long Term Care Insurance visit this site and for Medicare Supplements Insurance contact us.
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