Bill Bischoff of SmartMoney has written an excellent article on the tax advantages of Long Term Care Insurance . Read It Here (New Window)

Qualified long term care insurance policies are eligible for federal income tax breaks.

This article give a brief overview of long term care insurance policies in general and then explains:

"Benefits received under a qualified long-term-care policy are generally federal-income-tax-free (and usually state-income-tax-free, too) because they are considered insurance reimbursements for medical expenses."

Remember, to be eligible, the long term care insurance policy you purchase must be a qualified plan. To get a quote on qualified plans from all of the major carriers like Genworth, John Hancock, Met Life, Mutual of Omaha, Prudential and others, visit our Long Term Care Insurance Quote Form.