![]() Does not provide cash upon cancellation of the policy, known as “Cash Surrender Value.”.Does not reimburse for services/items that would otherwise be reimbursed by Medicare.Some states require that your long-term care policy be qualified, meaning in the policy: If you purchase long-term care insurance, you may be eligible for a credit or deduction on your taxes because qualified long-term care insurance premiums are considered a medical expense. Note that each state program differs by name and eligibility requirements. ![]() These tax programs build on the federal tax credit, which reduces the amount of income taxes a family owes. Caregiver tax credits and deductionsĬertain states have additional tax deductions or tax credits to provide financial relief to caregivers. See IRS Publication 926: Household Employer's Tax Guide. Tip: If you pay someone to come to your home and care for the person with dementia, you may be a household employer and may have to withhold and pay Social Security and Medicare tax and pay federal unemployment tax. See IRS Publication 503: Child and Dependent Care Expenses for more information.
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