Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Qualified Long Term Care Insurance

Qualified long-term care insurance is insurance that protect the beneficiary from paying taxes once they start receiving benefits. This coverage is almost exclusively the only long-term care insurance available these days.

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The only way that coverage ensues is if two or more qualifying conditions are met by the beneficiary. If two or more conditions are not met and the beneficiary receives benefits under the policy, then those benefits may be taxed by the federal government.

One of the biggest benefits to choosing a qualified long-term care insurance policy is that it may be possible for you to deduct your premiums as medical expenses. If you are 70 years old or older, you can deduct as much as $3500 a year on your taxes for your long-term care premiums. This, of course, is based on the fact that the older you are the higher your premiums will become. You can deduct medical expenses if your out of pocket expenses exceeds 7.5% of your annual adjusted gross income no matter what your age.

Where to Purchase Qualified Long Term Care Insurance

Fortunately, you can purchase qualified long-term care insurance from any insurance company that sells long-term care insurance. This means that you aren’t going to have to attempt to find a company that specializes in this type of insurance policy.

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In addition, nearly every insurance company that offers life insurance also offers long-term care insurance. This means that you have many alternatives in terms of where you can purchase your long-term care insurance.

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When to Purchase Qualified Long Term Care Insurance

You have just stumbled on what is perhaps the most talked about question in terms of long-term care insurance and that is when the best time to buy it is. The honest answer here is that it is up to you. The younger you are, the less your premiums are going to be, however, as you get older, unless you purchase a guaranteed premium plan, your rates are going to increase.

There are a lot of compelling reasons for you to consider purchasing a long-term insurance policy at an early age. One is that if something happens to you now, you already have means for receiving care. Another is that you can lock in lower rates by starting sooner; again, you would need a guaranteed premium plan.

If you go this route and start in your 20s, for example, you will find that your premiums will be reasonable. The longer you wait, the more you will pay and eventually you will not be able to qualify for a guaranteed premium policy. Of course, you may also pay thousands over the years without using those benefits.

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If you feel that your risks for needing long-term care at an early age are too low to justify paying years of premiums; then you can easily wait until you are in your 50s or even early 60s to purchase your long-term care insurance. The premiums will be quite high at this point, but as long as you are in good health, you will have no problems purchasing long-term care insurance.

After the age of 65 however, you may find that only a handful of companies will consider selling you a long-term policy. In addition, once you turn 70, you may not be able to purchase a policy at all. You need to make a decision before you reach an age where the insurance company finds your risk estimates to be too high.

Lastly, if you wait until you are in your 50s or 60s and then have a medical problem, then you will be turned down for long-term care insurance. Once you have many chronic illnesses or are diagnosed with many diseases, the insurance company is going to refuse to insure you.

Saving Money on Your Qualified Long Term Care Insurance

No matter how old or young you are, you will want to get the lowest premiums possible for your long-term care insurance and we can help you do just that. Take a minute right now to use our free quote tool. Answer a few simple questions and then get your free quotes instantly.

There are many benefits to having long-term care insurance. This type of protection isn’t free, however, and in today’s tough economy, you want to save money wherever you can. Using the free quote tool takes all of the effort out of getting the best price for your long-term care insurance.

Save money on your long-term care insurance rates by comparing quotes. Enter your zip code now!