During tax season, clients are looking for every deduction they can take to help lower their tax bill. This this a great time to discuss the need for some type of Long-Term Care Insurance in their financial plan. Not only does a LTCI plan help protect the financial plan from the devastating effects of needing extended care, but premiums for Long-Term Care Insurance can be deductible to many people. Traditional LTCI premiums can be itemized to help individuals achieve a deduction for their medical expenses. Businesses can deduct LTCI premiums in part or in whole depending on the type of business entity. Certain parts of Hybrid LTCI premiums can also be deducted. Additionally, even if premiums are deducted, benefits paid from these policies are tax-free.
Use tax season to discuss how Long-Term Care Insurance can help protect your clients’ overall financial plan with tax-free benefits and provide a current-day tax deduction against their premiums. Contact the experts at Wholehan Marketing with your client’s situation today!