Long-Term Care Insurance Premiums: What Can I Deduct?

By Terry Stanfield

When tax season comes, all anyone seems to talk about is deductions. Not surprisingly, one of the most common questions about long-term care insurance premiums is "Can I deduct them?"

Well, the truth is that you can, in some cases, so find out where you sit in terms of deduction scenarios to find out what you can deduct from your long-term care insurance premiums.

First of all, if you are an individual taxpayer that does not itemize, then you are unable to claim a deduction on your long-term care insurance premiums. However, if you do itemize deductions then you can deduct the health insurance premium but it is limited to the lesser of the actual premium, or eligible long-term care premium.

If you are a self-employed tax payer, including partnerships, members of LLC, or sole proprietors, then you are eligible for a self-employed health insurance deduction on your IRS Form but it is limited to the lesser of actual premium paid but it is not subject to the 7.5 percent of Adjusted Gross Income threshold.

If your premiums are paid for by an employer, the employer will treat the long-term care insurance premiums as accident and health plans. These premiums would then be deductible to the employer and would not be including in the income of the employee.

It can get a bit complicated to understand what you can deduct and what you cannot deduct when tax season comes around. As a result, it is important that you contact your tax adviser or accountant to find out exactly what you can and cannot do. You do not want to try and deduct something you cannot and then face an audit, and at the same time you do not want to neglect to deduct what you can, forcing you to pay more or receive less on your income tax rebate.

If you do your own taxes, then consult your insurance company to find out what you are able to deduct on the long-term care insurance premiums that you pay to them. The representatives should be more than helpful in answering your questions and ensuring you do not end up audited, or not deducting what you can.

Summary Tax season is a stressful time for citizens and accountants alike. It is a time of trying to figure out what to deduct, what to exclude and how to get as much bang for their buck as possible. As a result, people will try and deduct everything that they can, including long-term care insurance premiums.

Many do not realize, however, what they can deduct in terms of their long-term care insurance premiums, but if they take the time to research the tax information and figure out where they sit in terms of the type of taxpayer they are, they should be able to figure it out. In the worst case scenario, an individual should just ask for help from an accountant or insurance representative who will be happy to answer any questions. - 23211

About the Author:

Before you go out and buy a policy go to Long Term Care Insurance Quote, ask questions and request a long term care insurance. We represent 20 of the top LTCi providers. This gives you tremendous options.

Some Good Advice From A Chicago Insurance Company

By Reginald Fenial

I needed to seek professional advice from a Chicago insurance company and found there were a lot of people in this business willing to answer my questions.

This is my first time needing insurance and I had a few questions, the first being, what is the difference between brokers and insurance agents?

The difference is that my broker is a representative of many insurance I found out that the significant difference between a broker and agent is that a broker will represent several insurance corporations while the agent works for only one. My broker has the freedom to help me out in the event of a claim and an agent will do his best to help out the company he works for.

I also inquired as to saving money upfront purchasing my insurance and the answer made sense.

I could save money up front, but if I don't spend the money now, it might end up I don't have significant coverage at the time of a claim. I might even have to pay for something I didn't get proper coverage on. It is important to research the various ways of saving costs without any compromise on an important item that should be properly insured.

The jewelry is an issue for me, I asked if it is completely covered under homeowner's insurance. I did not realize that most household policies only cover about $1,000 and requires that I pay a deductible amount to claim. The recommendation is to purchase "valuable articles" policy separately to ensure that your most precious individual items are properly covered for the correct appraised amount.

My house insurance policy I learned, is to be insured for the cost to replace it should it be destroyed, and not for the cost to sell it again. A broker should help you come to a conclusion as to how much it will cost to rebuild my home should I have to hire contractors to replace it.

A good Chicago insurance company broker will help you come to a decision on how much it will cost you to re-build your house from scratch. It was advised that my policy should always cover the replacement costs although those costs could be more than how much the limit is on the insurance. - 23211

About the Author:

Get service from one of the premier Chicago insurance agents and you'll be glad you took the time.

How To Trade Forex?

By Hass67

Learning forex trading should not be difficult. With decent understanding of money management rules and a good trading strategy, you should be ready for conquering the forex markets.

Always try to understand the big picture. You should start each trading session by looking at the daily charts and than zooming into 4hr, 1hr, 30min, 15 min etc charts. Forex trading is all about interpreting the past as well as about interpreting the future.

You need to understand whether the market is ranging or trending. You should try to understand any long term patterns that have developed. By looking at the different charts you will develop a feel of how the forex markets are behaving in the short as well as the long term.

Figuring out the general direction of the currency markets is easy. Candlestick analysis and moving averages are a good way to identify long term patterns and reversals.

You can use the Bollinger bands applied to 4hr charts to identify the daily trading range. A daily trading range shows you where the vast majority of moves are expected to happen. Any moves outside the daily trading range can be viewed as short term abnormalities.

You need to do some scenario planning, once you have a general overview of the market. You should know what news is scheduled to be released and what is the expected market reaction for that day.

Understanding the big picture does not mean knowing the whole picture. You should only focus on your favorite pairs. It takes a longtime and effort to understand a currencys behavior, how it reacts to things like oil prices, interest rates etc. So concentrate only on a few pairs in forex trading.

You should always try to take notes and keep a daily trading journal. Start each entry in the trading journal by analyzing the general direction of the markets for that day. What you think how the markets are going to react to different news that is expected to be released that day? What should be your entry and exit for the trade. How many pips you are expecting to make?

After each trade, analyze what went wrong and how to avoid it in future! In case of a good trade, analyze how many pips you could have made more and how to tweak your trading strategy for better results in the future trades.

Keep these general tips in mind while you are learning forex trading. Always remember never ever trade without stop losses and practice on the demo account for at least three months. - 23211

About the Author:

Mr. Ahmad Hassam is a Harvard University Graduate. He is interested in day trading and swing trading stocks and currencies. Learn Forex Nitty Gritty. Read about Trend Forex System. Try Netpicks Forex Signal Service.

Medical Insurance -- Tips To Lower Costs

By Chimezirim Odimba

There are a number of ways to more affordable but adequate coverage. But at the same time, a number of methods people employ in order to reduce cost generally make them get less than sufficient coverage. However, in this article, I'll take you through a few time-tested ways of paying less and at the same time maintain adequate coverage. Here they are...

Retain an outstanding credit rating. Those who have poor credit pay more expensive rates for all forms of insurance and that is also true for health. The truth is that they believe that the likelihood of you defaulting in your premiums is very high. This assumption of increased risk makes such persons get very high rates in health insurance and other insurance policies.

Certain states provide home business owners an opportunity to bring down their rate. States that give this opportunity have regulations that demand that insurers offer home business owners the same rates with big businesses.

And all it requiries for your home business to be eligible is just one employed worker.

You can have your spouse or older kid work as a member of staff. Moreover, you'll still qualify if that single staff works only part time.

Group rates are usually lower so ensure that you take advantage of this if you're a home business owner.

You can find out home businesses that are qualified for group rates in your state by visiting your state's department of insurance or its equivalent.

For people who are self employed, your premiums might be tax-deductible. You might also be entitled to a tax break if your employer offers a flexible spending account. This means that you'll do well to talk with your tax professional.

You can lower your costs by joining an HMO. They are generally cheaper than buying traditional health insurance. Just bear in mind that with the cheaper rate as well come restrictions in the hospitals and health care professionals you can use.

If you find that the restrictions of an HMO are more than the benefits you get, you can choose other health insurance plans.

For such folks, cost can be lowered if they take the time out to shop extensively for affordable rates in regular health insurance. If you shop properly you'll pay far less for any plan you opt for.

But if you're ready to accept the limited choices, then an HMO is a good alternative for you.

Get Your Free Health Insurance Quotes Now And Save!

The US government publishes materials on health matters each year. You will understand more about what affects your health and health insurance policy if you read such publications. And, with better information, you and yours can take steps that will help you stop some ailments, live a healthier life and eventually reduce your health care spend. Your knowledge on health insurance goes a long way in determining what you will spend on health insurance.

Your drug cost might often be cheaper than your co-pay. Sometimes, it is better for you to pay for a prescription without using your health insurance. In such cases, you will save more by taking the alternatives that give you more savings.

Endeavour to know the difference before you use your insurance. - 23211

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Get Your No-Obligation Health Insurance Quotes Now And Save!

How Does LTCi Protect Young Families?

By Susan P. Payne

How Does LTCi Protect Young Families? By Susan P. Payne How Does LTCi protect young families? Every day many people of all ages experience a significant change in health status. How would it impact your family if a sudden unexpected accident or illness happened? Are you prepared to handle the cost associated with long-term care? Needing long term care help is a family issue. What will happen to saving for the kids college? Your retirement? Your finances? Planning for a secure future can be possible with integrating Long-Term Care Insurance (LTCi) protection planning.

LTCi is important, yet overlooked by many. It is the day-to-day help you need when a serious illness, injury or disability makes you physically or cognitively unable to care for yourself for a long period of time. This type of care is usually provided at home, in an assisted living facility, adult day care or, lastly, in a nursing home. No one ever wants to think about a catastrophic illness or an accident like a broken leg or hip. Close your eyes and think about what life would be like with a broken hip. You could not walk, bathe or dress yourself. You would need someone to assist you in your normal activities of daily living. Could you depend on your family? Would you spouse have to miss work? Would the kids need to miss school or their sporting events?

How will having a Long-Term Care Insurance (LTCi) plan help you and your family? 1. Protects your independence,live how you want, where you want

2. Protects your family from the potential burden of being your caretaker

3. Protect your savings, college funds and retirement plans from the high cost of long term care

4. Many plans will pay for home health care providers, home health aides and caregivers, giving you freedom to choose what makes you comfortable.

Why does someone my age need to think about long-term care? Today you are healthy. But 24-hours from now, things can change. Many illnesses, once considered to be life threatening, are now life altering with the medical advances in place today. Many now leave you 'disabled' relying on others for care, sometimes for short periods of time, sometimes for life. Long term care protection requires you to "health qualify". No matter how much you would be willing to pay, a change in health can make it impossible for you to health qualify for long term care insurance. For individuals who are currently young and in good health, you have the possibility of locking in "preferred rates" for your lifetime. Cost for insurance can be significantly lower at younger ages so you will save money! You lock in savings and you can never be canceled even if your health changes. You may benefit now and again later as many people need and use their benefits when they are young and again when they are older.

How does LTCi protect young families? Because things can change tomorrow, now is the right time! - 23211

About the Author:

Before you go out and buy a policy go to Long Term Care Insurance Quote, ask questions and request a long term care insurance. We represent 20 of the top LTCi providers. This gives you tremendous options.