Good news from the IRS! This is “LifeCycles” with Laurie Edwards-Tate, At Your Home Familycare.
The IRS is going to allow higher tax deductions starting in 2012 for people who have bought private long-term care policies. The deductions range from 350 dollars to over 43-hundred dollars.
The older you are, the more tax credit you receive. Some states also give deductions, or even credits, on state taxes. Sadly only eight million people have long-term care insurance. Two-thirds of all older Americans will need some type of long term care.
Will you be prepared? Ask your financial or insurance professional whether this is something you should consider.