1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

Long Term Care Insurance Tax Deductible Limits Raised

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.

 
PRLog - Oct. 20, 2011 - LOS ANGELES -- According to the American Association for Long-Term Care Insurance the Internal Revenue Service (IRS) announced increased deductibility levels for long-term care insurance policies purchased in 2012.
 
"For taxable years beginning in 2012, the limitations have been increased," explains Jesse Slome, executive director of the long term care insurance industry's trade association http://www.aaltci.org.  “Tax advantaged long-term care insurance remains one of the few remaining significant tax-savings benefits especially meaningful for small business owners."

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   

Some 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.  "Some 500,000 new policies will be purchased this year including 45,000 new enrollees in the Federal LTC Insurance program," Slome remarked.

A complete explanation of tax deductible rules for individuals and business owners can be found on the Association's website at http://www.aaltci.org/long-term-care-insurance/learning-c... .

# # #

The American Association for Long-Term Care Insurance http://www.aaltci.org is a trade organization. The Association's Consumer Information Center is the #1 source for information and can be accessed at http://www.aaltci.org/long-term-care-insurance

--- End ---

Click to Share

Contact Email:
***@aaltci.org Email Verified
Source:American Association for Long Term Care Insurance
Phone:818-597-3227
Location:Los Angeles - California - United States
Industry:Insurance, Consumer, Government
Tags:tax, tax deduction, long term care insurance, health care, 2012, 2011, irs, long term care insurance expert
Shortcut:prlog.org/11702443
Verified Account Email Address
Verified Account Phone Number

Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share