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Tax Deductions for Long Term Care Insurance Premiums

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If your senior clients are daunted by the high premiums of long term care insurance, they should know that the government offers tax deductions to encourage them to buy long term care policies and take a more active role in their future care. With the tax deductions offered, your clients may find that long term care insurance may be more affordable than they realize and you can increase your long term care insurance sales.

The Health Insurance Portability and Accountability Act of 1996 (HIPPA) provided that long term care insurance contracts should receive the same favorable income tax treatment as health insurance contracts. This helps the attractiveness of the long term care policies.

Here are some tax benefits pertaining to long-term care policies:

Long term care insurance premiums paid for a tax-qualified long term care insurance policy is tax deductible as a medical expense, subject to the 7.5% of adjusted gross income for medical expenses. The amount that qualified for the medical expense deduction is limited according to the age of the insured.

Premiums for qualified long-term care policies can be deducted as a medical expense, subject to the general 7.5% of adjusted gross income for medical expenses. However, the amount that qualifies for the medical expense deduction is limited according to the age of the insured. The IRS has listed the qualified deduction in 2003 as:

Age Before Close of Tax Year Limitation
40 or less $250
41 to 50 $470
51 to 60 $940
61 to 70 $2,510
More than 70 $3,130

Long-term care expenses not covered by insurance are deductible as medical expenses (subject to the 7.5% of AGI floor).

Contact us today and join our team as an independent long term care insurance agent or long term care insurance broker. We are the long term care insurance specialists that can help you increase your long term care insurance sales!

 

 

 
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