Tax Effects & Incentives

The Federal Government passed the Health Insurance Portability and Accountability Act of 1996 (HIPAA). This act designated two types of long-term care insurance policies. Tax Qualified policies may be eligible for tax deductions and must adhere to standards set forth by HIPAA. Non Tax Qualified policies are not eligible for tax deductions and do not have to adhere to the standards set forth by HIPAA.

Which is the best policy type for your client? There are several variables that you, as the agent, should be aware of. Contact us and we can review these differences in more detail and assist you in providing a recommendation for your client.

Click here to see tax incentives for Tax-Qualified policies.

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