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Long Term Care Insurance New Tax Deductibility Limits Explained
The new 2013 tax deductibility limits and rules for long term care insurance policies are now outlined on the American Association for Long-Term Care Insurance website.
"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
Page Updated Last on: Jan 05, 2013