LTC Insurance Tax Deduction


Is your long-term            care insurance plan            tax-qualified?            If yes, there’s good news: Your tax deductible            limit increases as you age. The            reason is that the federal government considers            tax-qualified long-term care premiums            a medical expense. Medical expenses            that exceed 7.5% of the individual’s            adjusted gross income are tax deductible.The federal tax-deductible limits for            tax-qualified long-term care premiums are            determined by age. In 2010, the limits are            as follows:
Age Deductible Limit
  • 40 or under
  • Over 40 but under 51
  • 51+ but under 61
  • 60+ but under 71
  • 71+
  • $330
  • $620
  • $1,230
  • $3,290
  • $4,110
For more information about your long-term            care plan or to obtain a quote, call our service team today
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s