Long-Term Care expenses not covered by insurance will be deductible for those who
itemize - naturally this will be subject to limitations.
Tax qualified Long-Term Care insurance policies must be written to co-ordinate with
Medicare to insure no overlapping if benefits.
No, benefits recieved by the claimant will be tax-free, subject, of course, to
limitations.
This legislation allows employers who offer Long-Term Care insurance as an employee
benefit to deduct premium contributions on behalf of an employee as a business expense.
This is similar to the handling of medical insurance premiums. The premiums paid by the
employer, however, will not be considered as the employee's income.
For assistance in understanding and determining how this law will effect you, you
should meet with your financial advisor.
* Certain FAQs are reprints of questions asked to CNA Insurance Co.
