“We’re proud of our efforts to educate both consumers and insurance professionals about the importance and value provided by long term care insurance,” declares Jesse Slome, director of the American Association for Long Term Care Insurance (AALTCI).    ”I am just one of the millions of baby boomers approaching retirement age, so the concept of tax deductibility especially intrigued.”  Slome initiated research that validated that an increased percentage of retirees deduct medical expenses which could include higher long term care insurance premiums.

“There are many reasons to look into long term care insurance protection as a way to ensure choice and options should a need for care arise,” Slome adds.  “But, the ability to deduct premiums can yield a tax deduction amounting to a couple thousands of dollars for an individual and much more for a couple.”

The ‘Buy Now – Deduct Later’ strategy involves purchasing long term care insurance during your working years when few are able to deduct individual medical expenses.  “After retirement, the percentage of individuals who itemize and deduct medical, health insurance and dental expenses grows significantly,” Slome points out.  Long term care insurance premiums can be included when calculating minimums needed to deduct these expenses.

Slome noted that the tax strategy published by the trade group had resulted in widespread media coverage.  “We’ve seen the item appear on Yahoo’s Finance page and Reuters news service,” he notes.  “We’ve seen it be used by several hundred print and broadcast media outlets across the country reaching millions of Americans.”

To learn more about long term care insurance tax deductions or for long term care insurance cost comparisons call the American Association for Long Term Care Insurance at (818) 597-3227 or visit the Association’s website at www.aaltci.org.

Consumer awareness efforts undertaken by the organization are made possible by member support.  The Association conducts independent research and publishes the Long term Care Insurance Sourcebook a compendium of long term care insurance facts, figures and data.

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Attained Age Before Close of Taxable Year   

40 or less – $   350

More than 40 but not more than 50 – $   660

More than 50 but not more than 60 – $1,310

More than 60 but not more than 70 – $3,500

More than 70 – $4,370

The per-diem limitation under 7702B(d)(4) is $310.

For more information click here to access the page on our website.

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