One of the incentives to buying a long-term care insurance policy is that the premiums are tax deductible. Unfortunately, many people are not taking advantage of this deduction.
Higher premiums mean that fewer consumers are buying long-term care coverage, and those who are buying are purchasing less protection, says Forbes magazine columnist Howard Gleckman.
The Affordable Care Act prohibits medical insurers from denying coverage to applicants due to pre-existing conditions, but the same rules do not apply to long-term care insurance. Your parents’ health could be one of the many factors that long-term care insurance providers take into account when deciding how much to charge you. Be sure to do your research while shopping for long term care insurance. Strohschein Law Group is here to help you plan out your long term care options for you to make to most affordable decisions and protect what matters.