KIRKLAND, Wash. (CitizenWire) — Americans planning to buy long-term care insurance in 2011 may deduct a larger portion of their premiums than ever, thanks to the Internal Revenue Service (IRS). The new deductible limits for eligible long-term care premiums includable in the term “medical care” are —
– $4,240 if you’re 70 or older;
– $3,390 if you’re over 60 but not over 70;
– $1,270 if you’re over 50 but not over 60;
– $640 if you’re over 40 but not over 50;
– $340 if you’re 40 or under.
For many Americans considering a long-term care policy, “The out-of-pocket cost may be less than one might think, thanks to Uncle Sam,” says Jonas Roeser, Senior Vice President of Marketing & Operations for LTC Financial Partners, LLC (LTCFP), one of the nation’s most experienced long-term care insurance agencies. “And a policy may be even more affordable,” he adds, “if the applicant lives in a state offering an additional deduction or rebate.”
LTCFP provides free estimates of the “true cost” of long-term care policies; that is, the premium amount after estimated allowable federal and state deductions or rebates. “When people are considering policies from competing carriers,” says Roeser, “What they really want to know is what are the benefits and what are the bottom-line costs, so they can make a smart choice.”
Estimates may be requested from any of 500-plus agents in all parts of the country, at https://web.ltcfp.com/ltcfp/consumer.aspx .
LTCFP does not offer tax advice, but teams with consumers’ financial advisors and accountants to provide information on long-term care insurance options affecting one’s financial situation.
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