You may not have thought much about long-term care insurance—but you should. Chronic illness and disability are real possibilities. Consider this:1

Medicare is not much help. It limits payments to no more than 100 days if you require skilled services or rehabilitation care.

Medicaid could provide more help than Medicare, but you must have a low income to qualify.

The government is likely not the answer should you need long-term care. The private sector offers a solution: long-term care insurance.

And it’s possible to get the government to subsidize your long-term care insurance. Your subsidy comes in the form of a tax deduction, and that deduction depends on your business entity.

In this article, we focus on the business owner and how the owner can qualify for the maximum subsidy possible.

Three Possibilities

As a business owner, you have three tax-deduction result possibilities for the cost of your long-term care insurance:

100 percent deduction

Tax code limited amount

Crapshoot of an itemized deduction ... Log in to view full article.