What is the difference between tax-qualified and non-qualified long-term care plans?
Tax-qualified plans will allow the insured to deduct the premiums as a part of their medical expenses. However, these policies were made to have a standardized Benefit Triggers that one is not to go on claim unless they need help with 2 out of their 6 Activities of Daily Living or help due to a Cognitive Impairment.Non-tax qualified plans are not tax-deductible. However, the condition that triggers you to go on claim will only have to be deemed Medically Necessary by your physician.
