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American Association for Long-Term Care...

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AALTCI Announces Increased Tax Deductible Limits for Long Term Care Insurance


The American Association for Long Term Care released the higher levels of tax deductions available for those who purchase long term care insurance.

Los Angeles, CA, November 03, 2013 --(PR.com)-- The American Association for Long Term Care Insurance announced today release of increased deductibility levels for long-term care insurance policies purchased in 2014.

"For taxable years beginning in 2014, the limitations have been increased again," 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 included in the term ‘medical care’ are as follows:

Attained Age Before Close of Taxable Year 2014 Deductible Limits
40 or less $ 370
More than 40 but not more than 50 $ 700
More than 50 but not more than 60 $1,400
More than 60 but not more than 70 $3,720
More than 70 $4,660

For calendar year 2014, the per-diem limitation under Section 7702B(d)(4) for periodic payments received under a qualified long-term care insurance contract is $330 (the 2013 limit was $320).

The American Association for Long-Term Care Insurance 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 at www.aaltci.org/tax.
Contact Information
American Association for Long-Term Care Insurance
Jesse Slome
818-597-3205
Contact
www.aaltci.org

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