Los Angeles, CA, December 06, 2013 --(PR.com
)-- 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.