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Dealing with Inflation and Tax Advantages of Long Term Care Insurance Plans

LTC insurance policies may be considered as one of the most important and most beneficial investment that an individual can get for his future use. Not only does it provide services and facilities that are helpful in lessening the burdens and financial discomfort of being old and sickly, but it also gives the policyholders other benefits such as the various tax advantages of long term care insurance policies.

This kind of insurance policies usually provides services and facilities that are necessary in order to help an aging individual to lessen the hardships and burdens that old age or certain illnesses and diseases might bring him. LTC plans ensure that the health and welfare of the insured persons are prioritized and are given utmost importance.

One of the advantages of owning an LTC insurance plan is the assurance that no matter how much the costs of LTC services increase in the coming years, your needs and other demands are all covered and taken care. One does not have to worry about his policy being valid or authorized even if he was able to acquire his plan at a lower price than the actual and current LTC rates.

This was made possible by the levels of inflation protection that each LTC insurance plan must provide. The levels are based according to the age of the person when he purchased his policy, and it follows that when an individual bought his plan at a younger age, a higher level of inflation protection will be given to him.

Aside from the inflation protection, there are also some tax advantages of long term care insurance that make it more practical and more beneficial to the policyholders. Tax qualified policies are common nowadays and is in fact the one that is more preferred to receive tax advantages.

By implementing and supporting tax qualified policies, it only proved that the government is having a hard time dealing or managing the LTC-related matters, especially with regards to Medicaid, thus encouraging the public to purchase their own private LTC insurance plans.

There are several types of tax advantages that an insured individual might get depending on the filing status of the policy owner:

a. Individuals (Non self-employed) – Their LT premiums may be treated and deducted as medical expense, given that it exceeds at least 7.5 percent of his adjusted gross income.

b. Self-employed individuals, S-Corporations – Tax deductions are taken as health insurance expense but it is still limited to the Maximum Allowable Premium Deduction guidelines.

c. C-Corporations – These corporations can pay the full amount of the insurance premiums or just a portion of it for their employers. Those employees who pay half of their insurance premiums will be under the Non-self-employed status for the portion of the premiums that they are paying.

LTC plans are really complicated and may sometimes be tricky that is why the guidance and assistance of those who are more familiar with the process of how it works are valuable. Tax advantages of long term care insurance and the levels of inflation protection are just some of the areas and samples of how complicated and confusing it can be. Good thing there are now a lot of LTC resources that can give helpful feedbacks to the public.

There are lots of ways to have that long term care plan right next to you before you become overwhelmed with the rising prices of health care services. Plan now!


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