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North Carolina Long Term Care Tax Guide

While we have blogged about the tax implications of long-term care insurance here before, there's always room for more information when it comes to getting incentives from the government.  Now that Hillary Clinton is no longer running for President, you can safely ignore our page (and this page as well) on that.

Today I wanted to point our North Carolina readers who are researching long-term care insurance to the page at The North Carolina Dept. of Revenue that specifically comments on long-term care insurance and the tax credits that come along with it.  

A few highlights from North Carolina on Long-Term Care Insurance and Tax Deductibility:

  • Effective for the tax years beginning on or after January 1, 2007
  • For Married Filing Jointly/Qualifying widow(er), the income limit is $100,000.
  • The credit is 15 percent of the premiums paid but may not exceed $350 for each qualified long-term care insurance contract for which a credit is claimed.
  • Medical insurance premiums that you pay for general health care, hospitalization, or disability insurance do not qualify as premiums paid for a long-term care insurance contract.
So request a quote now for yourself, or visit the State of North Carolina site linked above for more information!
 

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External Links

Make sure the long term care insurance company offering your policy on financially solid ground, when it comes time to pay your claim.

AM Best 

Moody's Investors Services

Standard & Poor's Insurance Ratings Service

 

Federal Employee comparing long term care insurance at LTCFed? 

Research an insurance company in your state , at the Insurance Information Institute.

Review the pros and cons of women purchasing long term care insurance, at the National Center on Women and Aging.

State Health Insurance Assistance Program(SHIP) is a free service that advises seniors and baby-boomers about life and health insurance questions. SHIP advisers can assist you in deciding if long-term care insurance might be a good fit for you. SHIP can also review the actual long term care insurance contract that you considering buying.

United Seniors Health Council helps people research consumer health and health insurance questions. The council publishes a really in-depth newsletter and sells books on the topics of long-term care and long term care insurance.