Long Term Care Insurance New Tax Deductibility Limits Explained

Jan. 5, 2013 - PRLog -- 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.

"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," Slome explains.  "However, after they retire and their income stops or reduces, it's very likely they will meet the criteria at a point in time when the deduction will be extremely valuable."

"Many people mistakenly wait to investigate long-term care insurance http://www.aaltci.org/long-term-care-insurance until a point when they have health conditions that prevent them from qualifying for insurance coverage," Slome explains.  "We advocate for planning prior to qualifying for Medicare at age 65 because all those wonderful free health screens that Medicare advocates could discover conditions that make it impossible to health qualify."  

The 2013 tax deductible limits for long term care insurance
http://www.aaltci.org/long-term-care-insurance/learning-center/tax-for-business.php can now be accessed on the  American Association for Long Term Care Insurance (AALTCI) website.  The organization, established in 1998 as a non-profit trade group, advocates for the importance of planning for long term care and supports insurance and financial professionals who market LTC insurance.   To request no obligation quotes for long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.