Insurance
Long Term Care Insurance

Are long term care insurance benefits taxable?

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Wiki User
2014-03-12 06:17:18

Generally not. And you can usually take a tax deduction for the

premiums you pay.Their are taxqulified plans and ones that or

not

ANSWER:

Long term care insurance benefits are not taxable but long term

care insurance premiums can be. Depending on the type of policy,

there is tax qualified policy. But your premiums can be tax

deductible depending on your AGI and your age. For the year 2014,

the internal revenue has increased the tax deductibility for long

term care insurance premiums from $4,550 to $4,660.


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