I own long-term care insurance (LTCI) myself who’s struggled for years to promote LTCI.
Here’s an idea for a low-cost way of expanding the LTCI market: Let’s get Congress to make any taxpayers who are already eligible for a federal LTCI income tax break to make that break available for a given taxable year from Jan. 1 through April 15 during the “tax filing” year.
Think about it: From Jan. 1 through April 15, the individual retirement account (IRA) is just about the only vehicle a typical American has for reducing the taxes owed for the preceding tax year.
Every American who uses a competent tax preparer, or uses well-designed tax preparation software, is told to look for more deductions from Jan. 1 through April 15. One of the ideas listed is always, “Contribute to an IRA.”
Do those taxpayers need to think much or plan much in advance to get an IRA? No.