Home Long Term Care IRS Raises Deductibility Limits for LTC Insurance
IRS Raises Deductibility Limits for LTC Insurance PDF Print E-mail
View Comments

The Internal Revenue Service (IRS) announced Tuesday that the deductibility limits for Long Term Care (LTC) insurance policies purchased in 2011 will be higher than for those purchased in 2010.

The new deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term “medical care” are in the table below:

Attained Age Before Close of Taxable Year

40 or less

More than 40 but not more than 50

More than 50 but not more than 60

More than 60 but not more than 70

More than 70

2011 Limits

$   340

$   640

$1,270

$3,390

$4,240

2010 Limits

$   330

$   620

$1,230

$3,290

$4,110

Clearly, Uncle Sam believes that purchasing individual Long Term Care insurance is a good idea, and encourages the purchase by allowing the deduction of premiums.

For a free initial consultation, call today (800) 680-5596.

< Prev   Next >
 
Banner

Copyright © 2012 Life Solutions, Inc. All rights reserved.

Products not available in all states. Product provisions and features may vary from state to state. The agents of Life Solutions are not licensed to sell insurance in all 50 states. To find out if an agent is licensed in your state, please call (800) 680-5596.

We are proud supporters of the National Association of Conservative Life Underwriters.

  

We Love Referrals!

Advertisement