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Charleston expert: tax incentives make long-term care insurance attractive

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Considering long-term care insurance?

Tax time may be a good time to make a decision because  premiums of many policyholders may be subsidized by tax deductions or credits, according to a news release from LTC Financial Partners, a long-term are insurance agency with Charleston offices.

For the 2013 tax year, federal tax deduction limits range from $360 to $4,550, depending on age, the news release states.

"If you get a policy now, you could start the subsidy ball rolling for years to come," Deborah Bailey, an LTC specialist  and long-term care insurance agent in West Virginia, said in the news release.

Throughout the lifetime of many policies, Bailey said cumulative deduction claims "can amount to several thousand, even up to $100,000 or more."

People who already have long-term care insurance can make claims on this year's return, which is due April 15.

For the 2012 tax year, deduction limits range from $350 to $4,370, depending on age.

More than half of states offer additional incentives for having long-term care insurance. This can take the form of state tax deductions or rebates, the news release continues.

"People can check with me for policy options and incentives available in this area," Bailey additionally said in the release.

According to the release, LTC Financial Partners does not offer tax advice but teams with accountants and other tax experts to help their clients get all the deductions or other benefits available to them.