Tag: Insurance

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… Read More

New Tax-Free Exchange for Long Term Care Insurance

Starting January 1, 2010, there are two important tax changes regarding Long Term Care: 1) distributions from life insurance policies and annuities which have long-term care features are tax-free when used to pay long-term care costs, and 2) both life insurance and annuities can be exchanged tax-free for tax qualified long term care insurance. If… Read More

Buy Long Term Care Insurance NOW

Check out this article by Professor Katherine Pearson of Penn State Dickinson School of Law:  Evaluating Long-Term Care Insurance in a Troubled Economy   “I’m not going into a nursing home, and I’m not spending my money on nursing home insurance.” How many times have I heard that? If you can comfortably afford $9,000 a… Read More

Policy Locator Service

Lots of people have old life insurance policies that get lost.  Who gets the money?  No one.  The insurance company keeps it.  (Actually I think they are supposed to escheat but how do they know the insured is dead if no claim is made?  And wouldn’t it be kind of scurvy to know the insured… Read More