The Taxation of Long-Term Care Insurance

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THERE ARE significant federal tax benefits in purchasing long-term care insurance, but like everything else in life and business the devil is in the details. Fortunately, the Health Insurance Portability and Accountability Act provides some clarifications. In general, the income from a long-term care insurance policy is non-taxable, and the premiums paid to buy the insurance are tax-deductible. Similar tax advantages exist at the state level, but each state treats the subject differently. The fact that there are tax benefits to purchasing long-term care coverage testifies to the vital social importance of this underutilized insurance product. Tax Treatment of Premiums…
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Accident Insurance Can Save Your Workers from Financial Ruin

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Even if you are providing your staff with health benefits, they could be left under great financial pressure if one of them has a major accident off the job that leaves them debilitated and unable to work. Millions of working Americans struggle with managing out-of-pocket expenses for non-medical and medical expenses after suffering an unexpected event such as an accident. If you are already offering your employees health insurance coverage, you can help fill the gap by also offering voluntary accident insurance, which can pay for: • Lost wages, • Deductibles and other medical expenses not covered by their insurance…
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