LTC Tax Incentives
"... CURRENT LEGISLATION"
The Federal government has recognized the threat that Long Term Care posses
to our country and has and passed legislation standardizing long-term care
insurance and offering incentives on tax qualified policies.
This section of the website will help you understand current legislation and
how it affects long-term care insurance.
| When the Health Insurance
Portability & Accountability Act (HIPAA) was signed into law on August 2nd
1996 it introduced and defined tax qualified long term care insurance.
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Important Note: The information in this section is only intended as a
general overview and is not intended to provide tax advice. There may have been
changes in the tax law that may affect the information in this section. Please
consult a tax-advisor for specific tax advice.
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Find Out More...
HIPPA
The Health Insurance Portability & Accountability Act (HIPAA) of 1996 (also known as the Kennedy-Kassebaum Bill), successfully addressed three items that affect long-term care insurance.
Find here for more information...
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Tax Qualified
This section addresses the main differences between the tax qualified (TQ) and the non-tax qualified policies.
Find here for more information...
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Federal Legislation
It's important to understand that you may qualify for federal deductions with your Long Term Care insurance.
Find here to learn more...
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State Taxes
State Tax Deductions and Credits State Type Descriptions
Click here to learn more...
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