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This document provides instructions for completing Form 1099-LTC, which is used to report long-term care insurance benefits and accelerated death benefits paid during the year. The form must be completed by the payer, such as an insurance company or viatical settlement provider, and provided to both the policyholder and the insured for tax reporting purposes.
The policyholder and the insured receive a copy of Form 1099-LTC, as well as the IRS.
Form 1099-LTC must be filed with the IRS by January 31 of the year following the taxable year. A statement must also be furnished to the recipient by January 31.
An insurer, a plan sponsor or an employer that has made payments under a group long-term care insurance contract during the taxable year is required to file Form 1099-LTC.
Form 1099-LTC is an information return required to be filed with the Internal Revenue Service (IRS) and furnished to the recipient reporting certain long-term care insurance benefits paid during the taxable year.
A chronically ill individual is someone who has been certified (at least annually) by a licensed health care practitioner as: 1. Being unable to perform, without substantial assistance from another individual, at least two daily living activities (eating, toileting, transferring, bathing, dressing, and continence) for at least 90 days due to a loss of functional capacity; or 2. Requiring substantial supervision to protect the individual from serious harm due to the individual's mental or physical impairment.
Accelerated death benefits are any amounts paid under a life insurance contract for an insured individual who is terminally or chronically ill. It also includes any amount paid by a viatical settlement provider for the sale or assignment of a death benefit under a life insurance contract for a chronically or terminally ill individual.
A long-term care insurance contract is a contract issued by an insurance company that provides financial assistance to individuals who need help with daily activities due to a chronic illness or disability. The contract may provide benefits for home care, adult day care, hospice care, and other types of care.
Form 1099-LTC reports gross long-term care benefits paid, including any accelerated death benefits. It also requires reporting whether the contract is qualified and if the insured was chronically or terminally ill.
A long-term care insurance contract can be a qualified long-term care insurance contract if it meets certain requirements set by the IRS. The contract must provide coverage for at least two of the following daily living activities: eating, toileting, transferring, bathing, dressing, and continence. The contract also cannot have a limitation on the amount of coverage or a provision that reduces the coverage amount over time. Additionally, the contract can include a provision that waives or reduces the premium payment obligation of the insured if the insured becomes certified as chronically ill.
A viatical settlement provider is an entity that purchases a life insurance policy from the policyowner, usually someone who is terminally ill. The policyowner receives an immediate cash payment based on the cash value of the policy, and the viatical settlement provider assumes responsibility for paying the death benefit to the beneficiary when the policyowner dies.
A qualified long-term care insurance contract is a contract that meets certain requirements set by the IRS. The contract must be issued after 1996, and it must provide coverage for at least two of the following daily living activities: eating, toileting, transferring, bathing, dressing, and continence. The contract can also include a provision that waives or reduces the premium payment obligation of the insured if the insured becomes certified as chronically ill.
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