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What causes long term care?

People often need long-term care when they have a serious, ongoing health condition or disability. The need for long-term care can arise suddenly, such as after a heart attack or stroke. Most often, however, it develops gradually, as people get older and frailer or as an illness or disability gets worse.

Is the cost of long-term care insurance tax deductible?

Premiums for "qualified" long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 7.5 percent of the insured's adjusted gross income in 2021.

When did long-term care premiums become tax deductible?

The Health Insurance Portability and Accountability Act of 1996 allowed for premiums paid on long-term care insurance policies to qualify as a deductible medical expense. Of course, as with any tax write-off, certain criteria must be met before the expense can be deducted.

What percentage of people end up in long-term care?

42%: Percentage of people older than age 85 who need long-term care services, 2018. 47%: Estimated percentage of men 65 and older who will need long-term care during their lifetimes. 58%: Estimated percentage of women 65 and older who will need long-term care during their lifetimes.

Is FLTCIP tax deductible?

Under a qualified plan, the benefits you receive generally aren't considered taxable income and you can deduct the premiums you pay as medical expenses as long as your total qualified medical expenses exceed 10% of your adjusted gross income.

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