2016 guide to tax deductible long term care insurance

Few consumers realize that long term care insurance premiums may be tax deductible and that special tax advantages are available for business owners advises the head of the American Association for Long-Term Care Insurance.

“Tax deductible long term care insurance is a significant benefit available to millions,” shares Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).  “Few people are aware of the rules or the amounts that may be deductible.”

The Association announced availability of the 2016 Guide To Tax Qualified Long Term Care Insurance Protection.  Electronic versions of the guides can be obtained by Association members.   The guides will be personalized with the member’s contact information and photograph.  A $35 one-time charge covers the cost of preparing the personalized artwork supplied in a PDF format.

“In 2016, a 65-year old may be able to deduct up to $3,900 of the cost for long-term care insurance,” Slome explains.  “Individuals have to meet certain thresholds for allowable medically-related deductions but after retirement, this becomes much easier to do and the tax savings can be quite significant to a retired individual or couple.”

Business owners have greater latitude in their ability to deduct long term care insurance costs.  “Tax deductible long-term care insurance is one of the last great tax deductible benefits for owners and their key employees,” Slome adds.  “Small businesses with owners in their 50s and 60s that are looking for tax deductions should definitely consider long term care insurance protection.”

To obtain a personalized PDF of the 2016 guide to tax deductible long term care insurance  visit the organization’s website and sign in to the Member’s section or call the organization at 818-597-3227 and request the order form.

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