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You must report long-term care benefits to the policyholder even if the payments were made to the insured or to a third party (for example, a nursing home, caretaker, or physician). The policyholder may also be the insured. Enter the name, address, and TIN of the policyholder on Form 1099-LTC.
Long-term care (LTC) insurance primarily pays for supervision or assistance with everyday tasks (such as bathing or dressing) whether at home, in a community program, in an assisted living facility (ALF) or in a nursing home. Most LTC services do not require a licensed health care professional to provide care.
The fact that you receive this form does not necessarily mean that the amounts reported are taxable income to you. In addition, benefits declared are often offset by expenses that can be deducted. This is something you should discuss with whoever prepares your taxes.
Long-term care (LTC) insurance is coverage that provides nursing-home care, home-health care, and personal or adult daycare for individuals age 65 or older or with a chronic or disabling condition that needs constant supervision.
Benefits paid by a tax-qualified long-term care plan generally are not taxable as income. Benefits from a non-tax-qualified long term care plan may be taxable as income. Check with your tax advisor about the possibility of deducting a portion of the premiums paid in addition to the individual tax consequences involved.
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2022 Long Term Care Insurance Federal Tax Deductible Limits (Table 1) Taxpayers Age At End of Tax Year - Deductible Limit 40 or less $ 450 More than 40 but not more than 50 $ 850 More than 50 but not more than 60 $1,690 More than 60 but not more than 70 $4,5101 more row
IRS Form 1099-LTC, Long Term Care and Accelerated Death Benefits, is what the IRS calls an information return. If youve received this form, you likely got a payout from an insurance company, governmental agency, or viatical settlement provider.

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