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Connecticut Considers LTCI Deduction Bill

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The Connecticut Senate Aging Committee is trying to give Nutmeg State residents a new incentive to buy long-term care insurance (LTCI).

The committee has introduced Senate Bill 178, a bill that would provide a personal income tax deduction for LTCI premiums.

If implemented as written, the deduction would take effect on passage and apply to taxable years starting on or after Jan. 1, 2012.

The bill would allow a state resident to deduct “any amount paid during the taxable year for the premium on a long-term care insurance policy,” according to the bill text.