425-828-7877 info@pnorthwest.com

Insurance that covers home and nursing facility care services based on the long-term need is a great way to ensure you can afford these unforeseen costs that can be quite high. Some of insurance coverages of this kind provide tax breaks. Benefits are typically defined as maximums on a monthly or daily basis. While some policies do not distinguish between care at private home or nursing home, most of them allow only certain percentage of home care expense to be applicable to nursing home expenses.

Key Takeaways:

  • Long-term care insurance ensures health care services later in life.
  • Premiums are based on the policyholder’s age when signing up and can cover some or all of expense.
  • The premiums are treated as medical expenses and recorded as itemized deductions.

“The insured is charged level monthly premiums for the long-term care coverage. Premiums are based on your age when you sign up. As long as you continue paying the premiums, you will remain covered regardless of changes in health or advancing age.”

Read more: https://www.montereyherald.com/2020/07/28/barry-dolowich-tax-tips-tax-advantages-for-long-term-care-insurance-4/

Image by Gerd Altmann from Pixabay