2024 Long-Term Care Insurance Tax Deductible Limits

Tax-qualified LTCi premiums are considered a medical expense. For an individual who itemizes tax deductions, medical expenses are deductible to the extent that they exceed current amount required to meet the individual’s Adjusted Gross Income (AGI). The amount of the LTCi premium treated as a medical expense is limited to the eligible LTCi premiums, as defined by Internal Revenue Code 213(d), based on the age of the insured individual. That portion of the LTCi premium that exceeds the eligible LTCi premium is not included as a medical expense. Individual taxpayers can treat premiums paid for tax-qualified long-term care insurance for
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Categories: GoldenCare News, Industry News, and Long-Term Care.

Paid Long-Term Care Insurance 2022 Claims Grow

Long-term care insurance companies paid out a record $13.25 Billion in 2022 according to the American Association for Long-Term Care Insurance (AALTCI). “Claim benefit payouts for policyholders with traditional long-term care insurance coverage grew from $12.3 Billion in 2021,” reports Jesse Slome, AALTCI’s director. “The increase in benefit payouts is expected as policyholders age and start to require care.” For calendar-year 2018 the Association reported that long-term care insurers paid out $10.3 Billion. According to Slome, the amount reported represents claims for those owning traditional or health-based long-term care insurance. “Data for linked-benefit policies is harder to calculate because there
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Categories: GoldenCare News, Industry News, and Long-Term Care.

2020 Long-Term Care Insurance Paid Claim Payments Rise

The nation’s long-term care insurers paid out $11.6 Billion in 2020, an increase over prior years according to the American Association for Long-Term Care Insurance (AALTCI). “Every year benefit payouts grow to individuals needing care and purchased long-term care insurance for that very real risk,” reports Jesse Slome, AALTCI’s director. ”The $11.6 billion paid in 2020 represents an increase of $600 million over the total 2019 claim benefits paid and a significant increase from the $8.65 billion paid out five years earlier in 2016.” The amount reported represents claims for those owning traditional or health-based long-term care insurance. The Association
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Categories: GoldenCare News, Industry News, and Long-Term Care.

2021 Tax Deductibility Limits

Long-term care insurance tax-deductible limits have just been increased offering seniors as much as $420 in additional deductible benefits according to the American Association for Long-Term Care Insurance. “Tax deductibility for those purchasing certain government-approved long-term care insurance is an incredible benefit,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). “The tax deductibility becomes especially valuable in retirement when income decreases and health costs generally go up.” The Internal Revenue Service just announced the increased 2021 limits for tax deductibility of long-term care insurance premiums. According to IRS Revenue Procedure 2020-45, a couple age 70
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Categories: GoldenCare News, Industry News, and Long-Term Care.

2020 Tax Deductible Limits For Long-Term Care Insurance Announced

The just announced increased 2020 tax deductible limits can be a significant benefit for those with tax-qualified long-term care insurance policies according to the American Association for Long-Term Care Insurance. “Tax deductibility for your long-term care insurance is a great subsidy especially after retirement, but only a small segment of newly purchased long-term care insurance policies offer the tax deductible opportunity,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The Internal Revenue Service just announced the increased limits for tax deductibility of long-term care insurance premiums. According to IRS Revenue Procedure 2019-44, a couple age
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Categories: GoldenCare News, Industry News, and Long-Term Care.

2019 Long-Term Care Insurance Claims Data Shared

It’s roughly 13 years from the a consumer purchases a long-term care insurance policy to the beginning of a claim according to information being shared by the American Association for Long-Term Care Insurance (AALTCI). “The information comes from one of the very few relevant studies of long-term care insurance so the insights are of enormous value,” explains Jesse Slome, director of the group. Slome, who is the author of numerous consumer guides that focus on long-term care and retirement planning, was conducting a conference call with leading long-term care insurance specialists. According to the Association director, the data comes from
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Categories: GoldenCare News, Industry News, and Long-Term Care.