Under a federal law, all LTC policies issued before are treated as tax-qualified as long as they met state standards at the time. Plans issued in and later must meet standards described in the act in order to qualify for tax benefits similar to those for major medical insurance. Some of the standards focus on consumer protection.
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For example, tax-qualified plans must provide specific information that allows the consumer to easily compare competing policies. The plans generally cannot exclude certain medical conditions, with some exceptions. And the insurance company cannot cancel a policy except for nonpayment of premiums, and even that cancellation is restricted. Other tax-qualifying standards address specific policy features.
A key feature is what triggers benefit payments. One trigger involves the inability to perform without substantial assistance at least two of six activities of daily living ADLs: Furthermore, a doctor must certify that the person is unable to perform two or more ADLs for at least 90 days.
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Why be concerned about the tax issues, especially if a non-qualified plan potentially is less restrictive? First, with a tax-qualified plan you can deduct a portion of the cost of your premiums, depending on your age and your overall medical expenses. Please use your existing Great American username and password.
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