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Long-term care insurance is subsidized, in effect, by Uncle Sam. "For many people, a large part of their premium cost is deductible on their federal tax return," says Denise Gott, National Sales Manager and Chairman of the Board of LTC Financial Partners, LLC (LTCFP). "That doesn't make coverage free, but it makes it more affordable for millions." LTCFP is one of the nation's largest and most experienced agencies specializing in long-term care insurance.

If you don't have LTC insurance, the time to get it is now, when the tax advantage is fresh in your mind, Gott advises, "Then remember to make your claim at tax time next year, and remember to do that again and again, year after year for as long as you pay premiums."

Deduction limits for the 2011 tax year range from $340 to $4,240, depending on age. For the 2012 tax year, the deduction limits range from $350 to $4,370; and they tend to increase every year. "Over the lifetime of many policies, cumulative deduction claims can really mount up, from a few thousand to more than $100,000 in some cases," Gott says.

Many states offer additional incentives for owning long-term care insurance. These usually take the form of state tax deductions or rebates. "LTC protection becomes even more of bargain with this nice double dip," says Gott.

LTCFP does not offer tax advice but teams with accountants and other tax experts to help their clients get all the deductions or other benefits available to them.

Posted 12:03 PM

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