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Is long term care insurance deductible only for self employed individuals?
Wiki User
∙ 8y ago
There are certain requirements and eligibility that you need to meet to be able to qualify for a long-term care insurance tax deduction. Tax deduction of long-term care insurance is also applicable to individuals, corporations, and business owners. You are best advised to consult with a licensed accountant for specific advice.
Wiki User
∙ 8y ago
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Are long term care insurance premiums tax deductible?
Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual's income.
Can your employer give health insurance coverage to one employee but not the other?
Yes and no, depends on the circumstances. Are they similar situated individuals? Does the employer care about the premiums being tax deductible?
Is long term care insurance deductible?
If you are referring to tax deductibility, yes, long-term care insurance is tax deductible. Age determines tax deductibiliby. Please refer to the related links below to check the limits of tax deduction for long-term care insurance:
How do deductibles work for health insurance?
A deductible is the amount of your actual, billed health care costs that you must pay before the insurance will kick in. Your premium does not count towards your deductible. The higher your deductible, the more you have to pay before your insurance will start to cover your bills.
If a patient refusedto pay their deductible can the insurance company drop their coverage?
AnswerNo, the deductible is owed to the doctor or hospital. The insurance company doesn't care if you pay it or not. In most cases we'll have no idea whether or not you paid.
What is the allowable tax deduction for long term care insurance premiums?
The allowable tax deduction from your long-term care insurance premiums depends on your age. The general rule is that the maximum amount of your deductible money is higher if you are older. Check the related link below to check the highest amounts of tax deductible money from long-term care insurance premiums for the year 2014
IS paying someones insurance deductible in North Carolina Insurance fraud?
Most states do not care who pays the deductible, however, if it is a body shop or a contractor who is paying, it may be considered fraud because they sometimes charge the insurance company more to make up the difference.
What are some of the features of PPO types of health insurance?
PPO Health Insurance offers health insurance to individuals and families. They offer preventative care, emergency care, prescriptions and surgery care.
Is a health premium the same as a deductible?
No. When referring to health insurance, the "premium" is the amount you pay to the health insurance company each month to maintain your coverage. The "deductible" is a specific dollar amount you may be required to pay out-of-pocket per year before the health insurance company will begin paying for medical services covered under your policy. The amount you pay toward your monthly premium (or for copayments) does not count toward your annual deductible. Not all health insurance plans have a deductible, and even among plans with deductibles, some services may be covered up-front (preventive care, for example) without being applied toward your deductible.
Which terms is the amount of money you most pay each year to cover your medical care expenses before your insurance policy stars paying?
Deductible
What terms is the amount of money you must pay each year to cover your medical care expenses before your insurance policy starts paying?
Deductible - A+
What is the definition of elimination period in long term care insurance?
The elimination period in long-term care insurance refers to the waiting period before benefits are paid out. It is similar to a deductible, but instead of a monetary amount, it is a specified number of days that the policyholder must pay for care out-of-pocket before the insurance coverage kicks in. Shorter elimination periods generally result in higher premiums.
