DUNN INSURANCE SERVICES LLC

Tax Benefits - Individuals

What are the individual tax benefits?

We knew about the tax write off; we didn't realize that our daily benefit of $1,000 per day in our 80's was tax free.

Tax benefits* for individuals with long-term care Tax-qualified long-term care insurance premiums are considered personal medical expenses for those who itemize their deductions. The amount considered a medical expense is limited to the eligible premium, per the Internal Revenue Code 213(d), that is based on the age of the insured individual. (The amounts are indexed annually for inflation.)

Attained Age Before Close of Taxable Year 2009 Deductible Limits 40 or less $320 More than 40, but not more than 50 $600 More than 50, but not more than 60 $1,190 More than 60, but not more than 70 $3,180 More than 70 $3,980 Deductible is subject to the 7.5% adjusted gross income rule. All long-term care insurance benefits paid to the policy holder will be income tax free. Source:  John Hancock Corporate Law Department's interpretation of the Federal Guidelines; American Association for Long-Term Care Insurance Please consult your tax consultant and financial advisor regarding tax issues.

 

Dunn Insurance offers Tax qualified long term care insurance, LTC tax deduction and LTC tax free premiums. Serving AL, AZ, AK, AR, GA, ID, KS, LA, MO, MS, MT, NE, NV, NM, ND, OK, OR, SD, TX, WY.

Dunn Insurance Services LLC specializes in tax qualified long term care insurance , LTC tax deduction and tax free premiums.

NAIC partnership certified in 19 LTC long term care partnership states including AL, AZ, AK, AR, GA, ID, KS, LA, MO, MS, MT, NE, NV, NM, ND, OK, OR, SD, TX, WY. Proudly serving all major cities and towns such as: Athens, August, Birmingham, Mobile, Montgomery, Anchorage, Tucson, Phoenix, Little Rock, Fort Smith, Atlanta, Columbus, Boise, Wichita, Overland Park, Kansas City, New Orleans, Baton Rouge, Jackson, Gulfport, St. Louis, Independence, Springfield, Billings, Missoula, Lincoln, Omaha, Fargo, Bismarck, Oklahoma City, Tulsa, Norman, Sioux Falls, Rapid City, Portland, Austin, Dallas, Fort Worth, Houston, San Antonio, El Paso, Las Vegas, Albuquerque, Santa Fe, Cheyenne, and all points in between!

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