senior dental insurance brentwood
Senior Dental Health Care – Things to Know
March 19, 2017
U.S. judge finds that Aetna deceived the public
April 11, 2017

Tax Deductions with Long-Term Care Insurance

long term care tax savings insurance

Who doesn’t like saving money on taxes? Everyone does! With a Long-Term Care Insurance Plan you can save a bundle in the long run.

You’re considering long-term care insurance, or already have a policy, “Tax time is a good time to look for help from Uncle Sam,” says Denise Gott, CEO of ACSIA Partners, one of the nation’s largest long-term care insurance agencies. “And the help you get could be more than negligible.”

Possible deductions range from hundreds to thousands of dollars per year, Gott points out. “Millions may qualify, but will lose out if they fail to apply.”

For the taxable year beginning in 2016, the limitations under Section 213(d)(10) of the IRS tax code, regarding eligible long-term care premiums includible in the term “medical care,” are as follows:

Attained Age Before Close of 2016 Taxable Year / Limitation on Premiums:

  • 40 or less: $390
  • More than 40 but not more than 50: $730
  • More than 50 but not more than 60 $1,460
  • More than 60 but not more than 70: $3,900
  • More than 70: $4,870

“If you’re covered now,” says Gott, “you should be sure to claim what’s coming to you. And if you’re considering a policy, why not get it while tax savings are on your mind?”

For 2017 the limitations are about 5% higher than in 2016:

Attained Age Before Close of 2017 Taxable Year / Limitation on Premiums:

  • 40 or less: $410
  • More than 40 but not more than 50: $770
  • More than 50 but not more than 60 $1,530
  • More than 60 but not more than 70: $4,090
  • More than 70: $5,110

“The limits have been increasing every year,” says Gott. “What’s more, they apply to every covered individual in a household. For example, a qualifying husband and wife filing jointly could deduct up to $7,800 for 2016, and up to $10,220 for 2017; and so on for as long as the legislation remains in force.”

Read More:https://www.send2press.com/wire/its-tax-time-and-millions-could-miss-sizeable-deductions-for-long-term-care-insurance-acsia-partners-says/

Guy
Guy