PRLog - Jan. 5, 2013 - LOS ANGELES -- Los Angeles, CA - January 5, 2013 New 2013 tax deductible limits for long term health care insurance have been posted online by a national industry trade group.
long term care insurance tax deductibilty limits for 2013 explained
"Many people including many tax preparers are still not aware that long term care insurance may be fully tax deductible and that the tax benefits are extremely valuable especially at older ages," proclaims Jesse Slome, executive director of the American Association for Long-Term Care Insurance and a leading long term care insurance expert. "The federal government and a number of states want people to plan for the eventual risk of needing care and offer increasing benefits for doing so."
While Slome acknowledges that costs for long-term care insurance purchased by individuals may not be deductible in the early years, that won't always be the case he explains. "The IRS raised the percentage on needs to deduct health care related expenses which includes long term care insurance, so many people won't be able to take the deduction prior to retirement,"
"Many people mistakenly wait to investigate long-term care insurance http://www.aaltci.org/
The 2013 tax deductible limits for long term care insurance