When developing a comprehensive financial plan, there are numerous factors to consider, such as when to start taking social security benefits. What about your spouse? How should I allocate my portfolio to ensure my long-term goals are met? What money managers should I hire? And the list goes on.
As part of that plan, some people might consider purchasing long-term care insurance to protect their assets in the event they need extensive medical care later in life. Many don’t realize, however, that there could be tax incentives associated with long-term care insurance.
The IRS outlines all of the itemized deductions available long-term care insurance premiums that are considered a medical expense1. In order for all or part of long-term care insurance premiums to be tax deductible, however, a few conditions must be met.
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