Qualified Long-Term Care

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Qualified Long-Term Care

Non-taxable benefits one receives from a long-term care insurance policy covering a long-term, non-life-threatening condition. In order for the benefits to be non-taxable, one must require care for at least 90 days and must be unable to perform at least two of the activities of daily living. Qualified long-term care was instituted in the United States in 1997.
References in periodicals archive ?
The policy is transferred from the holder to a benefits administrator, which pays qualified long term care providers directly.
The Association announced availability of i's 2016 Guide To Tax Qualified Long Term Care Insurance Protection.
Annuity with long-term care rider: Under the Pension Protection Act of 2006, qualified long term care insurance can be provided as a rider to an annuity contract, beginning after December 31, 2009.
What is a qualified long term care insurance contract?
With such riders, the death benefit of the VUL policy can be accelerated, in certain circumstances, to pay for qualified long term care services.
HSA holders can use HSA assets to pay for qualified long term care insurance, health insurance obtained while they are unemployed, and health insurance obtained while they are getting coverage through COBRA or some other federal health insurance continuation law.
Representative David Hobson (R-Ohio) In March, Hobson introduced the Long Term Care Insurance Act of 1999 (HR 1261), which would provide individuals who purchase a qualified long term care insurance policy a phase-in, full tax deduction for premiums.
New York state approval of the Acceleration of Life Insurance Death Benefit for Qualified Long Term Care Services Rider.
What is qualified long term care insurance contract?
There are a few states where the policies have been approved as Non-Tax Qualified Long Term Care insurance, and in those states the LTC Partnership Certification is required.
AT LEAST SIX annuity companies are now offering deferred annuities that include qualified long term care benefits.
The revised Travelers Special T is one of a number of innovative financial products introduced by Travelers Life and Annuity recently, including Travelers Elite Protector survivorship life insurance; Travelers Portfolio Architect individual variable annuity; Travelers Gold Track group variable annuity; and Travelers' new Qualified Long Term Care insurance.
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