October 19, 2007, Newsletter Issue #68: What is a Tax Qualified Long Term Care Insurance Plan?

Tip of the Week

If the Long Term Care insurance policy that you have selected is Tax Qualified, then you will be able to claim the cost of your premium as a tax deduction under medical expenses. You can view the IRS Tax Publication 502 (Medical and Dental expenses) for further information and a detailed explanation of which services you can deduct. Because of the tax deductions, you should only consider a Long Term Care insurance plan that is clearly defined as “Tax Qualified”.

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