Learn More About Medical Tax Deductions
The Internal Revenue Service (IRS) provides a deduction for medical expenses including the cost of care in a nursing home, personal care home, assisted living community or similar institution if the primary reason for being there is to get medical care. IRS Publication 502 defines a typical situation as one in which an individual is unable to perform at least two activities of daily living (eating, bathing, dressing etc.) without substantial assistance from another individual.
Find out more at www.irs.gov/pub/irs-pdf/
Family members can also pitch in toward the cost of residential long term care and take advantage of the IRS gift tax exemption. Consultation with a tax professional is strongly advised before making senior living financial solutions decisions.
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OPTIONS FOR FUNDING YOUR LONG TERM CARE
If you have a life insurance policy, you may be able to transform that policy into a pre-funded financial account that will disburse a monthly benefit stipend to help you pay for long term care needs.