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Wisconsin Long-Term Care Insurance

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Question
Wisconsin Long-Term Care Insurance

Answer
If you paid long-term care insurance costs, you may be able to subtract all or a portion of the cost of a long-term care insurance policy which covers you or your spouse.
"Long-term care insurance policy" means a disability insurance policy or certificate advertised, marketed, offered, or designed primarily to provide coverage for care that is provided in your home or in an institutional or community-based setting. The care must be convalescent or custodial care or care for a chronic condition or terminal illness.
"Long-term care insurance policy" does not include a medicare supplement policy or medicare replacement policy or a continuing care contract. "Continuing care contract" means a contract which provides nursing services, medical services, or personal care services, in addition to food, shelter, and laundry services, for the duration of a person's life or for a term in excess of one year, conditioned upon any of the following payments:
  - An entrance fee in excess of $10,000.
  - Providing for the transfer of at least $10,000 (if the amount is expressed in dollars) or 50% of the person's estate (if the amount is expressed as a percentage of the person's estate) to the service provider upon the person's death.
Do not include premiums for long-term care insurance if you elected to pay those premiums with tax-free distributions from a retirement plan. In this case, the premiums would have been made directly to the insurance provider by the retirement plan.

 


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Views: 317 Created on: Jun 15, 2013
Date updated: Nov 24, 2014

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