In a trend that LTC Tree sees gaining steam, Rep. Joe Courtney, D-Conn., has filed bill H.R. 6237 aimed at encouraging people to buy long term care insurance. The proposed bill would give people a federal tax credit for the premiums they pay for their long term care insurance. The bill also creates a caregiver tax credit for those who care for family who need at least 180 days of care as determined by their doctor. The current federal tax code grants deductions for long term care premiums if the person’s medical expenses exceed 7.5% of their adjusted gross income. Currently for those who have their own business or self-employed they can deduct most all their premiums off their taxes. Be sure to check with a tax specialist to get the exact details.
Hopefully bills like this one will begin to become reality as the mass of Baby-Boomers continues to retire to take some strain off the families who do plan for the high cost of long term care during their retirement. At LTC Tree we’re pretty ramped up on current and future legislation so take a quick second to simply fill in this form to get your quotes.
