Do long term care benefits reduce medical expense deduction Form 2019-2024

Do long term care benefits reduce medical expense deduction Form: What You Should Know

The following are not tax-advantaged with respect to long-term care insurance: Deductible portion of long-term care insurance premiums; Deductible portion of employer-provided long-term care insurance premiums; Deductibles and co-payments for Medicare Part B, which are not tax-deductible. What if I don't pay for long-term care insurance? You have to pay for long-term care insurance, unless you are exempt (or qualify based on your income). The following are not tax-advantaged with respect to long-term care insurance payments received from your employer: Tax-deductible long-term care insurance premiums; Provided by the State (except with respect to coverage for dependent children and other health coverage that is not tax-deductible, such as home health care as defined in the State law); and Provided under a contract for services provided outside the U.S., including long-term care insurance in effect outside the U.S. If you aren't exempt from long-term care insurance premiums, you are considered to be covered by long-term care insurance if you choose to purchase such coverage. The following are not tax-advantaged with respect to long-term care insurance payments received from the U.S. government, and thus are not tax-deductible: Tax-deductible long-term care insurance premiums; Provided as part of a long-term care plan for which you have paid premiums, if the plan is not a State or Federal program. The following are not tax-advantaged with respect to long-term care insurance. Tax-deductible long-term care insurance premiums; Tax-exempt long-term care benefits; Provided under a written contract to a patient, if the plan does not include an indemnity, such as a health maintenance organization contract.

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