Save 50% on New York Long Term Care Insurance Premiums

New York State Self Employed and Small Business owners can save up to 50% on the cost of Long Term Care Insurance

If you have been considering Long Term Care Insurance and are self employed or a small business owner in New York State, good news, you can now save up to 50% on Long Term Care Insurance premiums.

How to Qualify for the Savings

This savings is accomplished when you take advantage of the federal tax deductions for allowable Long Term Care premiums for Self Employed and Business owners and add in the generous Tax Credit that NY State allows for Long Term Care Insurance premiums. New York State now allows residents to take a tax credit equal to 20% of the total Long Term Care Insurance Premiums.

Let me give you an example.

Take a 60 year old person with a premium of $2500. Based on the chart below they will be able to deduct 100% of their Long Term Care Premiums since their premium is below the Limit of $3500.

Based on a 28% Tax Bracket the net cost of their Long Term Care Premium will be $1700.

2012 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)

Taxpayer’s Age At End of Tax Year – Deductible Limit

• 40 or less $ 350
• More than 40 but not more than 50 $ 660
• More than 50 but not more than 60 $1,310
• More than 60 but not more than 70 $3,500
• More than 70 $4,370

Source: IRS Revenue Procedure: 2011-52

Now if you add in the TAX CREDIT for New York State Residents of 20% of the total premiums ($2500 reduced to $1700 based on federal tax deduction – $500 for the New York State Tax Credit = $1200) you get a total premium of $1200. Amazingly this is over a 50% savings for the total premium.

If you have been considering Long Term Care Insurance and are Self Employed or own a small business now is the time to make a move and find out more about this important coverage that you can purchase with discounted dollars.

New York Long Term Care Insurance

Credit for 20% of premium paid for qualifying LTCi premiums.

Taxpayer is permitted to carry over to future tax years any credit amount in excess of taxpayer’s tax liability for the year. Employers are eligible for a credit equal to 20% of the premiums paid during the tax year for the purchase of, or for continuing coverage under, a LTCi policy.

The credit is not refundable and the credit may not reduce the tax to less than the minimum tax due.

Request a Free No-Obligation Quote

Save time and money with a free, customized, quote comparison from the nation’s top insurance providers.

It only takes a few minutes to complete the form, so why not enjoy peace of mind by getting the facts today.

Get your free no-obligation
Long Term Care Insurance quotes…

By getting competitive rate quotes, you can gain a better understanding of the costs associated with getting a Long Term Care policy, and the costs for not having one.

Then you can make an informed decision that’s right for you… and your family.

You can also download your free Shoppers Guide to Long Term Care by clicking the link.