Los Angeles, CA, December 08, 2013 --(PR.com
)-- Over 300 leading national media reported an advisory distributed by the American Association for Long Term Care Insurance reminding individuals not to overlook tax deductions available to those who purchase long term care insurance.
"As the end of the year approaches you read a multitude of tips for reducing taxes by taking advantage of deductions but most overlook the tax deductibility of long term care insurance," explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group based in Los Angeles, CA. "We are delighted to see that hundreds of media outlets which have the potential to reach millions of consumers showed interest in this important and timely piece of news."
The Association issued the tax advisory earlier today reminding individuals of the potential to deduct as much as $9,100 in 2013. "There is still time for individuals to take advantage of the tax deduction by acting prior to the end of the year," Slome explains. "Plus, those who already own tax-qualified long term care insurance coverage may qualify for a tax deduction this year even if they were not eligible in prior years. Tax savings are not the major reason to purchase long term care insurance but everyone likes to save and reduce their tax bill."
After retirement people typically have little or no income to report so it takes less to meet the medical expense threshold for itemized deductions, the national expert explains. The tax deductible limits for long term care insurance increase as you age according to AALTCI. "Even if you didn't qualify last year, don't overlook the potential to take a deduction this year," Slome shared in the advisory.
Tax-deductible limits for individuals start at $360 for individuals who are age 40 or less prior to the close of the 2013 tax year and increase to $4,550 for those who are more than age 70. The complete Internal Revenue Service (IRS) 2013 and 2014 long term care insurance tax deductible limits can be accessed on the Association's website at www.aaltci.org/tax.