NGL EssentialLTC – Revised Tax Summary

Revised Tax Summary The Tax Summary has been revised with more specific language around the summary of the income tax treatment for TQ LTCi policies for 2022. The summary dated 01/22 will be available tomorrow in Marketing Tools under the Sales & Marketing tab on the ARC. Or click here to download a PDF copy. Please begin using the new version of the Tax Summary dated 01/22 immediately as older versions are no longer in compliance.   For agent inquiries contact your dedicated NGL Agent Services Team at 888.505.2332 or status@ngl-essentialltc.com. For sales questions contact the NGL Long-Term Care Sales
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Categories: Industry News, Long-Term Care, and National Guardian Life.

Download the 2022 LTCi Tax Advantages Flyers

There are a lot of advantages to owning a traditional long-term care policy. It helps people remain in their homes as long as possible, ensures parents won’t have to rely on their kids to take care of them, and provides protection for a retirement nest egg. But there’s another important advantage… the potential to save on federal and state income taxes. The LTCi tax advantages flyers are now updated with the 2022 eligible deduction amounts. Download the flyers now: Agent Tax Guide Tax Advantages for Individuals Tax Advantages for Business Owners   Download the 2022 LTCi Tax Advantages Flyers  
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

NGL Holiday Wishes and Upcoming Office Closure

  We want to wish everyone a safe and happy holiday season. Thank you for partnering with NGL and making EssentialLTC a key addition to your product portfolio. Please see below for NGL’s EssentialLTC administration’s upcoming holiday office hours. December: Friday, December 24 – Closed Friday, December 31 – Closed Click here to take a look at the 2022 holiday schedule.   For agent inquiries contact your dedicated NGL Agent Services Team at 888.505.2332 or status@ngl-essentialltc.com. For sales questions contact the NGL Long-Term Care Sales Team at LTC@nglic.com.     #goldencareagent #ngl
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Categories: Industry News, Long-Term Care, and National Guardian Life.

NGL EssentialLTC – Updated Tax Summary

Updated 2022 Tax Summary The Tax Summary has been updated to include the changes to 2022 cost of living adjustments (COLAs). The flyer is a great way to find out the tax advantages LTCi has for individuals and businesses. This Tax Summary will be available on the Agent Resource Center under Marketing Tools category under the Sales & Marketing tab beginning Friday, December 17, 2021.   For agent inquiries contact your dedicated NGL Agent Services Team at 888.505.2332 or status@ngl-essentialltc.com. For sales questions contact the NGL Long-Term Care Sales Team at LTC@nglic.com.   View/Download the updated 2022 Tax Summary  
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Categories: Industry News, Long-Term Care, and National Guardian Life.

COVID tax questions

The Consolidated Appropriations Act (“CAA”) provided coronavirus relief as well as other tax related extensions that will affect your clients. Here are some highlights that relate to individuals. Stimulus checks are back. The amount is $600 per taxpayer and $1,200 for married persons filing jointly along with $600 for each qualifying child. Income limits vary upon marital status. Teachers and instructors who teach grades K-12 are allowed a $250/$500 (Single/MFJ) above the line deduction to allow for the purchase of personal protection equipment and disinfectant. The above the line deduction for $300 of charitable gifts is extended into 2021. There
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Categories: COVID-19, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

Updated LTCi 2021 Tax Advantages Flyers

There are a lot of advantages to owning a traditional long-term care policy. It helps people remain in their homes as long as possible, ensures parents won’t have to rely on their kids to take care of them, and provides protection for a retirement nest egg. But there’s another important advantage…the potential to save on federal and state income taxes. The LTCi tax advantages flyers are now updated with the 2021 eligible deduction amounts. Download the flyers now: Agent Tax Guide Tax Advantages for Individuals Tax Advantages for Business Owners   Updated LTCi 2021 Tax Advantages Flyers   #goldencareagent #mutualofomaha
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

EssentialLTC long term care updates

2021 COLA adjustments for Long Term Care insurance premiums The Internal Revenue Service issued Rev. Proc. 2020-45 providing the 2021 cost of living adjustments (COLAs) for certain items under the Internal Revenue Code (IRC), including “for eligible long term care premiums.” The maximum deduction that an individual who itemizes deductions may take for qualified long term care insurance premiums is set under IRC §213(d) and adjusted annual for increases in the medical care cost component of the consumer price index. The new maximum qualified long term care premium deductions under IRC §213 – for taxable years beginning in 2021 are
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Categories: Industry News, Long-Term Care, and National Guardian Life.

2021 Tax Deductibility Limits

Long-term care insurance tax-deductible limits have just been increased offering seniors as much as $420 in additional deductible benefits according to the American Association for Long-Term Care Insurance. “Tax deductibility for those purchasing certain government-approved long-term care insurance is an incredible benefit,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). “The tax deductibility becomes especially valuable in retirement when income decreases and health costs generally go up.” The Internal Revenue Service just announced the increased 2021 limits for tax deductibility of long-term care insurance premiums. According to IRS Revenue Procedure 2020-45, a couple age 70
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Categories: GoldenCare News, Industry News, and Long-Term Care.

Important Life Underwriting Update

Throughout the rapidly evolving pandemic, Mutual of Omaha has been continuously evaluating our underwriting and new business practices to support business continuity, deliver a consistently high level of service, and maintain our financial strength. As a result, effective Wednesday, April 15, 2020, we are implementing the following temporary changes to our life insurance underwriting guidelines. These changes apply to all fully-underwritten life insurance cases that are not already approved or issued. This includes any newly submitted and pending in-house cases, whether formal or informal. Postponements Due to International Travel All fully-underwritten life insurance cases where the proposed insured has plans
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Categories: COVID-19, Industry News, Life Insurance, and Mutual of Omaha (& Affiliates).

Increased Simplified Underwriting Amounts for Disability Income

Mutual of Omaha is committed to helping you continue to meet the income protection needs of your clients. We have good news to share, to make it easier to sell disability income insurance. Effective immediately, we are making the following enhancement to new applications for simplified underwriting guidelines: Increasing the amount from $3,000 to $6,000 of monthly benefit Advantages of Simplified Underwriting: Ages 18-45, no labs up to and including $6,000 Age 46+ blood urine, physical data No financial requirements up to and including $6,000 monthly benefit, all benefit periods* *If requesting the self-employed discount, two-year financial documentation will be
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Categories: COVID-19, Disability Income Insurance, Industry News, and Mutual of Omaha (& Affiliates).