Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI), issued a release yesterday that says The Internal Revenue Service (IRS) has announced increased deductible levels for long-term care insurance policies that will be purchased in 2011.
The deductible limits under Section 213(d)(10) for eligible long-term care premiums are as follows:
If you are 40 years old or less you can deduct $340.
More than 40 but not more than 50, you can deduct $640.
More than 50 but not more than 60, you can deduct $1,270.
More than 60 but not more than 70, you can deduct $3,390.
Check with your tax professional.
A complete explanation of tax deductible rules for individuals and business owners can be found on the Association’s website.
I for one believe that no one and no program, including the CLASS Act, is going to pay for our long-term care. It’s up to us!æ