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IRS Announces Increased 2013 Deductibility Limits For Long-Term Care Insurance

October 18, 2012. The Internal Revenue Service (IRS) announced increased deductibility levels for long-term care insurance policies purchased in 2013.

"For taxable years beginning in 2013, the limitations have been increased," 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 includable in the term ‘medical care’ are as follows:

Attained Age Before Close of Taxable Year  2013 Deductible Limits    2012 Deductible Limits

40 or less                                                          $ 360                                    $ 350

More than 40 but not more than 50                  $ 680                                    $ 660

More than 50 but not more than 60                 $1,360                                   $1,310

More than 60 but not more than 70                 $3,640                                   $3,500

More than 70                                                   $4,550                                   $4,370

Source: IRS Revenue Procedure 2012-41 (2013 limits) and 2011-52 (2012 limits)

For caledar year 2013, the per-diem limitation under Section 7702B(d)(4) for periodic payments received under a qualified long-term care insurance contract is $320 (the 2012 limit was $310).

The American Association for Long-Term Care Insurance (http://www.aaltci.org/) 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

See www.insurance-plus.com for information.

Posted 11:57 AM

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