Spencer Law Firm LLC
717.207.7935 866.639.5451

Living Wills and Medical Directives Archives

Taxation of Long Term Care Insurance

Qualified long-term-care insurance (LTCI) policies are entitled to special tax treatment. To be termed "qualified", the policy must be guaranteed renewable and cannot have any cash value. A qualified policy requires that a person 1) be expected to require care for at least 90 days, and be unable to perform two or more activities of daily living (eating, toileting, transferring, bathing, dressing, and continence) without substantial assistance; or 2) for at least 90 days, needs substantial assistance due to a severe cognitive impairment. Most policies sold these days are qualified policies, but make sure before you buy.

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Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

Toll Free: 866-639-5451
Phone: 717-207-7935
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