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Long Term Care Insurance Tax Deductible Limits Are Increased

10-21-2011 05:43 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Association Marketing

Tax deductible limits for long term care insurance purchased in 2012 have been increased over the 2011 deductible levels according to the American Association for Long Term Care Insurance, the national trade group.

Association executive director announced the increased deductibility levels established by the IRS to 3,000 members of the trade group. "For taxable years beginning in 2012, a couple can deduct as much as $8,740," Slome explained. The limitations have been increased for all age bands and are greatest for those age 70 or older.

“Tax advantaged long-term care insurance remains one of the few remaining significant tax-savings benefits especially meaningful for small business owners," Slome adds. "Businesses may be able to deduct the full cost of long-term care insurance for employees and even cover spouses and family members."

The 2012 deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term ‘medical care’ are as follows:

Attained Age Before Close of Taxable Year
40 or less - $ 350
More than 40 but not more than 50 - $ 660
More than 50 but not more than 60 - $1,310
More than 60 but not more than 70 - $3,500
More than 70 - $4,370

Over eight million Americans currently own long term care insurance purchased on an individual basis or through a plan offered by their employer according to AALTCI. "We project that some 500,000 new individuals will purchase this important protection in 2011," Slome remarked. "The government increases the tax deductible levels each year as a way to make this protection more attractive to consumers.

A complete explanation of tax deductible rules for individuals and business owners can be found on the Association's website. In addition to current and prior year limits, a growing number of states now offer tax credits or deductions to encourage the purchase of long-term care insurance.

The American Association for Long-Term Care Insurance http://www.aaltci.org is the national trade organization focused on educating individuals about the importance of long-term care planning. The Association's Consumer Information Center was voted the #1 source for information by consumer interest group rating and can be accessed at http://www.aaltci.org/long-term-care-insurance.

American Association for Long-Term Care Insurance
3835 E Thousand Oaks Blvd
Westlake Village, CA 91362

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