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IRS Long Term Care Deduction

Long Term Care Tax Deductions

One of the more frequently asked questions about long term care insurance is if you can’t afford the long term premiums are there any tax benefits to owning a long-term care policy that might help subsidize the premiums.

Here are some answers to those questions given by tax experts:

1. Long-term care premiums are deductible as a medical expense (subject to the 7.5 percent-of-AGI floor), although there are limits to the deduction based on the taxpayer’s age. For example, a taxpayer between ages 61 and 70 may deduct as much as $3,080 in 2008 ($3,180 in 2009). A couple filing a joint return can deduct as much as $6,160 in 2008, if each spouse pays premiums on qualified long-term care policies. Payments in excess of any LTC benefits may be deducted as medical expenses.

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Posted by Carmen - January 24, 2012 at 11:44 am

Categories: Income Tax, Insurance, Money & Finance   Tags: , , ,

Understand Credit Card Grace Period Due Dates


Credit Card Accountability Responsibility and Disclosure Act of 2009


Getting control over your credit cards is one way to help begin frugal simple living. Credit cards are convenient and sometimes we have no choice but to use them. In some cases the only payment a merchant will accept is a credit card. Other times when we don’t have the cash available and we have to spend the credit card is the only way. So credit cards are part of life and we have to accept that.

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Posted by Carmen - January 20, 2012 at 10:45 pm

Categories: Credit Cards, Credit Cards, Debt Management, Money & Finance   Tags: , , ,

Frugal Living and Loving It

Frugal Living and Having Fun

What does “Frugal Living” mean to you? Probably it raises visions of generic brand food products, rinsing out plastic bags to reuse again and generally making do with less.

Most of us feel frugal living is just a rationalization for a reduced income. If we live in a frugal way it is because we just don’t make enough money to live in an enjoyable way. When you put it that way it certainly does not sound appealing.

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Posted by readabook - January 13, 2012 at 10:51 pm

Categories: Debt Management, Money & Finance, Retirement   Tags: , , , ,

Annuities with Long Term Care Riders

Long Term Care Insurance Pros and Cons

One reason so many people hesitate to purchase long term care policies is the expense. It is a huge expense at a time when we have so many other things to pay for like our kids college and our retirement. The government has enacted legislation to help with this problem.

The Pension Protection Act of 2006 says that starting Jan. 1, 2010, you ll no longer have to pay federal income tax on an annuity s proceeds if you use those proceeds to pay for long-term-care coverage.

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Posted by Carmen - January 9, 2012 at 12:58 am

Categories: Insurance, Money & Finance   Tags:

Are Long Term Care Premiums HSA Contribution

HSA Funds for Long Term Care Insurance Premium


Long term care premiums can take a huge bite out of your budget but there is a way to cut the cost a bit and it is all tax free. You can use an HSA account to pay your premiums for long term care. If you want to learn how to evaluate long term care policies in terms of rate increases see our post Long Term Care Insurance Rate Stabilization

A health savings account (HSA) is a tax-favored savings account created for the purpose of paying medical expenses. Contributions to the HSA are 100% deductible (up to the legal limit) — just like an IRA. If you use the money to pay for qualified medical expenses you do not have to pay taxes.

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Posted by Carmen - January 1, 2012 at 9:36 am

Categories: Income Tax, Insurance, Money & Finance   Tags: , , , , ,

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