Purchasing Long-Term Care insurance is a smart investment for your future that has financial benefits today! Did you know Oregon allows a tax credit for Long-Term Care insurance premiums? Individuals and couples (filing jointly or separately) can enjoy a credit of up to 15% of the premium paid or $500, whichever is smaller. A portion of your long-term care insurance premium may also be included as a health expense on your federal tax return. And as a business owner, you can deduct tax-qualified Long-Term Care insurance premiums as a business expense as well. See the attached summary for 2015 taxes by clicking here 2015-One-Page-Tax-Summary or scroll down to read it on this page.
Reducing your tax liability isn’t the only reason to purchase Long-Term Care insurance now. You may qualify for other benefits such as preferred rates that insurance carriers offer to individuals currently in good health. And, you’ll save money because premium costs increase every year you wait to buy. You may even be able to qualify if you have a current health condition. It pays to find out now.
Becky Wehrli, CLTC
503-758-5725