Federal as well as a growing number of State tax codes allow individuals and businesses to deduct tax-qualified long-term care insurance premiums. Recognizing that the government cannot pay the bill for care for the millions of people who will require care in the years to come, tax incentives are offered to encourage Americans to take personal responsibility for their long term care needs.

Long-term care insurance protects your personal assets against the catastrophic risk of needing care. It can pay for care that is needed by you or an employee. Protection can be obtained for spouses, even parents on a favorable basis. The following tax information is divided into sections depending on the tax filing status of the individual. This information is provided for informational purposes only. Consult your tax advisor for details specific to your personal situation or business.