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Five Things to Watch Out for When Buying Long Term Care Insurance
1 pages
Publié par
BeamaLife Corporation
Five Things to Watch Out for When Buying Long-Term Care Insurance
You ve researched long-term care insurance (LTCI) and are seriously thinking of buying a policy.
Just make sure
you re doing it for the right reasons--don t be swayed by...
[Plus]
Five Things to Watch Out for When Buying Long-Term Care Insurance
You ve researched long-term care insurance (LTCI) and are seriously thinking of buying a policy.
Just make sure
you re doing it for the right reasons--don t be swayed by unsubstantiated sales pitches.
Here are some claims you ll
want to think twice about.
Along-termcarepolicyisagreattaxwrite-off
Though it s true that premiums paid on a tax-qualified LTCI policy can reduce your tax burden, you must itemize
deductions to be eligible.
When you re older, perhaps you ll no longer itemize deductions.
And even if you do, LTCI
premiums fall under the write-off for medical and dental expenses, which is limited to expenses that exceed 7.
5
percent of your adjusted gross income.
So, for example, if your adjusted gross income is $60,000, you are able to
deduct only that portion of your unreimbursed medical and dental expenses (including LTCI premiums) that exceeds
$4,500.
And there s another caveat.
Even if your LTCI premium
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