Should I be Considering Long-Term Care Insurance?

Long-Term Care Insurance can help protect your savings, protect your estate, allow you to deduct premiums, and give you more control over your long-term health care needs (should the need arise).

Business owners can generally deduct the premiums for "Tax Qualified" long-term care insurance premiums. Recent changes to the federal tax code allow the premiums to be treated the same as regular health insurance premiums. This means that individuals can deduct long-term care insurance premiums (subject to limitations) as self-employed health insurance premiums and/or itemized deductions.

In addition, the State of Maine has long given tax favored treatment to long-term care insurance premiums, allowing a partial credit against income taxes.

Please contact us for details regarding the tax and financial planning benefits of long-term care insurance, or contact your insurance agent.

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Last modified: January 06, 2005

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