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How the pandemic may affect long-term care planning in Doylestown, PA

There are many uncertainties regarding COVID-19’s impact on long-term care planning in Bucks County, PA. Its effect on long-term care insurance policies is among the many swirling questions. For instance, if you do not have a policy, you may wonder if the pandemic will make it more difficult to get one. If you have a long-term care insurance policy, you may wonder whether the pandemic could change the policy’s rules.

In this article, we will share some of what we know about the pandemic’s effect on long-term care insurance, depending on whether you already have a policy.

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IRS Issues New Long-Term Care Deductibility Rules for 2019

Long-Term Care Deductibility Rules for 2019

The IRS has increased the amount of income taxpayers can deduct in 2019 if they’ve purchased long-term care insurance.

“Qualified” long-term care insurance premiums are tax deducible as long as they – along with other unreimbursed medical costs – do not exceed a certain amount of your adjusted gross income.

In the last two years, that amount was 7.5 percent of AGI, but the number has jumped to 10 percent in 2019.

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