Sell the Tax Advantages of LTCi
Mutual of Omaha offers a number of consumer-approved flyers that will help you present LTCi tax advantages to both individual and small-businesses clients.
Tax Advantages For Individual Policyholders
Under current tax laws, individual policyholders may be able to claim a portion of their tax-qualified LTCi premiums as a medical expense, as long as these expenses exceed 7.5 percent of adjusted gross income and they itemize deductions on their income tax return. The eligible premium amount they can claim is based on guidelines established annually by the federal government.
Expand Your Knowledge: Women and Long-Term Care
In addition, benefits received from a tax-qualified LTCi policy are intended to be tax free as long as they don’t exceed the greater of qualified long-term care daily expenses or the per-day limitation, which is $290 in 2010 (source: Section 7702B of the Internal Revenue Code (IRC)).
Available Flyers for Individuals:
• MC34346 (Mutual of Omaha Insurance Company)
• GC729 (United of Omaha Life Insurance Company)
Tax Advantages For Small-business Owners
Organizations that use business dollars to purchase a tax-qualified LTCi policy may be able to deduct either the actual premium paid or eligible premium. The amount that can be deducted is determined by the tax structure of the business.
Available Flyers for Business Owners:
• MC34347 (Mutual of Omaha Insurance Company)
• GC730 (United of Omaha Life Insurance Company)
You can order tax advantage flyers from Mutual of Omaha’s Sales Support at 800-693-6083 or sales.support@mutualofomaha.com.
For producer use only. Not for use with the general public.
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