Tax Savings

While the purpose of this site is not to give comprehensive tax advice, there are helpful tax incentives for the purchase of a long term care policy. You should consult your agent or a tax professional for details.

Certain medical expenses may be deducted when they exceed 7.5% of a person's AGI, or adjusted gross income when itemized deductions are taken. For a tax qualified long term care insurance policy, premiums may be counted as medical expenses up to certain limits based on age.

In 2010, those limits were as follows…

  • Age 40 or Under – $330
  • Age 41-50 – $620
  • Age 51-60 – $1,230
  • Age 61-70 – $3,290
  • Age 71 and over – $4,110.

The opportunity to deduct a certain amount of your premiums from your taxable income may help make a plan more affordable and a better fit into your annual budget.

Have Questions?

If at any point you would like to speak with someone for more information,
contact 1-800-258-7041 or fill out our Request Information form!