Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What does it mean if a policy is Tax Qualified?

April 26, 2017mean policy qualified tax

0

10 Posted

What does it mean if a policy is Tax Qualified?

1 Answer

0

Posted

A. A “Tax Qualified” Long Term Care policy is one that meets the requirements for Federal Tax deductibility. All LTC policies effective before 1/1/97 are automatically qualified for federal tax purposes. Those effective after 1/1/97 must meet certain standards to be eligible for federal tax deductibility. Premiums for Long Term Care are now deductible for New York State income tax up to a specified dollar amount. It is always best to consult your tax advisor. For more information, please contact our customer service area.