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4 tax-friendly ways to pay for long-term-care insurance Clients are advised to hold a health savings account, as it offers tax-free withdrawals that they can use to cover a portion of their long-term-care insurance premiums, according to this article on Kiplinger. They can also enhance their tax savings on long-term-care insurance by deducting the premiums on their tax returns as a medical expense. Another strategy is to make a tax-free fund transfer from an annuity or permanent life insurance coverage to pay the premiums for a traditional long-term-care insurance policy.
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