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LTC Benefits Taxation

Posted by John Bergstrom on March 09, 19101 at 11:53:42:

There is a lot of conflicting information out there. Maybe someone has a good handle on this topic.
1.) Can policies taken out prior to 1-1-967, be considered (if the conversion option not taken then) as a TQ policy? 2.) Benefits received from a NQ policy are or are not included as taxable income? HIPAA requires insurers paying benefits to report on a 1099, indicating a tax liability- but are these not similar to self-funded DI policies, hence benefits are excluded from gross income?

Follow Ups:

Re: LTC Benefits Taxation Rachel 18:34:43 3/22/101 (2)
- Re: LTC Benefits Taxation gil 09:34:23 03/09/02 (0)
- Give me a break! scottaolson 21:45:39 3/22/101 (0)

Re: LTC Benefits Taxation : There is a lot of conflicting information out there. Maybe someone has a good handle on this topic. : 1.) Can policies taken out prior to 1-1-967, be considered (if the conversion option not taken then) as a TQ policy? 2.) Benefits received from a NQ policy are or are not included as taxable income? HIPAA requires insurers paying benefits to report on a 1099, indicating a tax liability- but are these not similar to self-funded DI policies, hence benefits are excluded from gross income?

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