Tax deductible long term care insurance guide

Los Angeles; December 4, 2013 – Long term care insurance premiums remain one of the tax deductible expenses few individuals are aware of according to the American Association for Long Term Care Insurance.    A new guide produced by the organization explains the current rules and the new IRS tax deduction limits for 2014.

“The federal government and a growing number of states recognize that when people have insurance they are less likely to turn to government programs to pay for costly long term care,” cites Jesse Slome, executive director of the American Association for Long Term Care Insurance.   ”As a result, they offer tax deductions and in some cases tax credits as an incentive for individuals to plan.”

The Association reports that tax deductible levels for long term care insurance were recently increased by the IRS.   “Individuals have to meet certain levels of medically-related expenses to qualify for the deduction but that often happens as people retire,” Slome cites.  “At that point they have less income and more medical bills increasing the likelihood that their long term care insurance premiums can become tax deductible.”

Business owners can benefit from rules making long term care insurance premiums fully tax deductible.  “It’s possible to include spouses and have their premiums tax deductible as well,” Slome notes.

The Association provides information on the organization’s website.  The new 2014 Guide To Tax Deductible Long Term Care Insurance is available in E-format to members of the organization.

For additional information or for no obligation long term care insurance costs call the organization at (818) 597-3227 or visit their website at www.aaltci.org.

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According to the American Association for Long Term Care Insurance, the national trade organization, tax deductibility gives individuals and business owners one very important reason to consider ways to address future long term care needs.

“Americans are living well into their 80s, 90s and even longer when the likelihood of needing extremely costly long term care services is almost a guarantee,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group charged with creating awareness for long term care related issues.  “The  federal and state governments recognizes this and offers the tax incentives to encourage more people to plan.”

Individuals may be able to deduct long term care insurance premiums paid from their 2011 federal income taxes.  The federal levels are based on your age, Slome notes, ranging from $340 to $4,240 per-person and increase for new policies purchased in 2012.    Individuals face certain limitations that are not imposed on self-employed or corporations.  “These entities may able to make the full cost tax deductible,” Slome adds.

In addition to federal tax deductibility limits, a growing number of states now offer either tax deductions or tax credits to encourage state residents to purchase long-term care insurance.

The American Association for Long-Term Care Insurance has just published a state-by-state listing of available tax deductions on the organization’s website at www.aaltci.org/tax.

To learn more about long-term care planning and get long-term care insurance costs from a designated expert visit the American Association for Long Term Care Insurance’s Consumer Information Center.

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