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

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