As millions of baby boomers in the United States approach old age, experts predict the number of people in need of long-term care will double over the next 30 years.
Some statistics show that one in every five people who reach the age of 65 will eventually require some form of long-term care. Fortunately, aging consumers can plan ahead by purchasing long-term care insurance (LTCI), which helps to cover many long-term care expenses.
Although purchasing LTCI is a smart choice, you may want to think about a few tax issues before you sign on the dotted line. Take time to do a little research and find out whether your insurance premiums will be tax-deductible and if your benefits will be taxable. Factoring Taxes into Long-Term Care Insurance Choices