9 Tax-Favored Ways
to Pay for Long-Term Care Insurance

To encourage the purchase of long-term care insurance, the federal government, as well as most state governments, have created tax incentives for those who own long-term care insurance. 

There are now 9, tax-favored ways to pay for long-term care insurance.  At least 1 or 2 of these methods should be able to help make long-term care insurance more affordable for you. 

Caveat:  We are not tax advisors. Each of these situations has additional requirements and you need to make sure that you discuss your unique situation with your tax advisor.

Click on the links below to learn about each of the tax-favored methods: 

1. The Self-Employed
2. Business Owners (especially owners of closely held corporations)
3. Owners of cash value life insurance
4. Owners of non-qualified annuities
5. Owners of Health Savings Accounts
6. Owners of Medicare Medical Savings Accounts
7. Retired public safety workers
8. 29 states offer state income tax credits or deductions for long-term care insurance
9. Those who itemize their deductions on their federal income tax return

 

© Scott A. Olson, 2010