Yes. Under the Health Insurance Portability and Accountability Act of 1996, longterm care insurance policies that meet certain requirements become eligible for federal income tax advantages. These policies became known as Qualified LongTerm Care Insurance policies. Policies purchased through the end of 1996 were grand fathered under this new law which meant they automatically qualified for taxfavored treatment. Policies purchased after 1996 must be clearly identified as qualified LongTerm Care Insurance policies having met the requirements to be considered tax qualified. Consumers who have purchased a Qualified LongTerm Care Insurance Policy may deduct premiums as a medical expense for payments made in 2000, when they file their income tax return in 2001. It is recommended you contact your personal tax advisor for complete details before filing your return.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified health insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local health insurance attorney to discuss your specific legal situation.