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Since 1970 we have designed, critiqued, and brokered Long-Term Care Insurance. We research and bring to you the highest rated plans for Long-Term Care Insurance in Ohio. With over 60 years of combined experience, we can provide knowledge and insight that can only be gained through experience in this market.

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Long-Term Care:

LTCi Premium Deduction Limits

Long Term Care Insurance Individual Tax Advantages

The purchase of Long Term Care insurance is more attractive than ever for individuals due to tax advantages granted through the federal government. These tax advantages apply to tax-qualified Long Term Care insurance (Section 213(d)(10) of the Internal Revenue Code). Tax advantages will vary depending on the taxpayer. The following outlines the key advantages.


Individual Purchasers

Medical and dental expenses that exceed 7.5%* of adjusted gross income are deductible and taxpayers can now include eligible LTC premiums paid for themselves, their spouses and dependents as part of their medical expenses. Refer to the age-based Eligible LTC Premiums chart for the applicable tax year. Benefits paid are generally tax free.

* Important: Change in Threshold

Due to a provision in the Affordable Care Act, the floor for claiming itemized deductions on federal income tax returns is increasing from 7.5% to 10%, starting with the upcoming 2013 tax year. For those attained age 65 and older, however, the threshold remains at 7.5% for tax years 2013-2016.

Starting in 2017, all individuals may deduct qualified medical expenses that exceed 10 percent of adjusted gross income (AGI) for the year.   For 2016, individuals age 65 and older the threshold remains at 7.5 percent of AGI.

2017 Federal Premium Limits

Taxpayers Age Deductible Limit at End of Tax Year
Age: Premium Limits:
40 or younger $410
41 - 50 $770
51 - 60 $1,530
61 – 70 $4,090
71 and over $5,110
If not eligible for a Federal deduction, check State availability.

Per Diem Limitation: The stated dollar amount of the per diem limitation under IRC section 7702B(d)(4) for 2017 will be $360.

2016 Federal Premium Limits

Taxpayers Age Deductible Limit at End of Tax Year
Age: Premium Limits:
40 or younger $390
41 - 50 $730
51 - 60 $1,460
61 – 70 $3,900
71 and over $4,870
If not eligible for a Federal deduction, check State availability.

Per Diem Limitation: The stated dollar amount of the per diem limitation under IRC section 7702B(d)(4) for 2016 will be $340.