What Is A Tax-Qualified Long-Term Care Insurance Policy?

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    Peggy Mace
    Most of the U.S.
    The premium and benefits for a Tax Qualified Long Term Care Insurance policy can be deducted on your tax return as a medical expense. TQ Long Term Care Insurance came about in 1997 with the introduction of HIPAA. Tax Qualified policies have a set of guidelines that must be met to be designated as TQ policies. Long Term Care policies purchased before 1997 were grandfathered in, despite not meeting those guidelines. Now, most of the Long Term Care Insurance sold in the US is TQ.
    Answered on September 9, 2013
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