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(HealthNewsDigest.com) – November 2, 2010. The Internal Revenue Service (IRS) announced increased deductibility levels for long-term care insurance policies purchased in 2011.
“For taxable years beginning in 2011, the limitations have been increased,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI) the industry’s trade association. “Tax advantaged long-term care insurance remains one of the few remaining significant tax-savings benefits especially meaningful for small business owners.”
The deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term ‘medical care’ are as follows:
Attained Age Before Close of Taxable Year 2011 Deductible Limits 2010 Deductible Limits
40 or less $ 340 $ 330
More than 40 but not more than 50 $ 640 $ 620
More than 50 but not more than 60 $ 1,270 $ 1,230
More than 60 but not more than 70 $ 3,390 $ 3,290
More than 70 $ 4,240 $ 4,110
Source: IRS Revenue Procedure 2010-40 (2011 limits) and 2009-50 (2010 limits)
The American Association for Long-Term Care Insurance (http://www.aaltci.org/) is the national association serving insurance and financial professionals who provide long-term care financing solutions. A complete explanation of tax deductible rules for individuals and business owners can be found on the Association’s website: http://www.aaltci.org/tax .
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