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LONG-TERM CARE
Monthly benefit paid to facility on behalf of insured for room and board and medical services
Long term care premiums can be tax deductible! In order to be tax-qualified, a long-term care policy must contain certain required provisions. Many of these pertain to the manner in which future benefit payments can be triggered. If the policy contains all the required language, it generally can be considered a Qualified Long-Term Care (QLTC) insurance contract for tax purposes.
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