28 states offer some type of tax credit or deduction for Long-Term Care Insurance. A new measure introduced by a Nebraska state senator would provide a new tax credit for Nebraskans as they plan for Long-Term Care.
IRS and Taxes
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Many people are aware that planning in advance for the costs and burdens of aging should be part of your overall retirement plan. Some are unaware of tax incentives of LTC insurance.
Nearly nine million Americans deducted medical and dental expenses which can now include long-term care insurance premium costs according to a report released by the American Association for Long-Term Care Insurance.