Is Long Term Care Insurance Tax Free?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    As a rule, if you buy a tax qualified long term care insurance policy (as nearly all are, these days), and if you are paying the premium yourself, there are tax advantages you will receive. If you are self employed, the entire premium is tax deductible. If working somewhere but paying your own premium for an individual or group policy, you can deduct the premium as a medical expense under the same IRS rules as apply to all medical expenses. In both situations, you also receive the benefits from the policy tax free, if they are ever needed.
    Answered on September 19, 2013
    flag this answer
    2. Did you find these answers helpful?
    Yes
    No
    Go!

Add Your Answer To This Question

You must be logged in to add your answer.


<< Previous Question
Questions Home
Next Question >>