| The Internal Revenue Service (IRS) has announced | | | | More than 60 but not more than 70: $3,180 |
| increased deductibility levels for long-term care | | | | More than 70: $3,980 |
| insurance policies purchased in 2009. To encourage | | | | There are also tax changes for periodic payments |
| individuals to purchase long-term care insurance the | | | | received under Qualified Long-Term Care Insurance |
| federal government and many states offer tax | | | | contracts or certain life insurance contracts. |
| deductions and tax incentives that increase yearly. | | | | For calendar year 2009, the stated dollar amount of |
| Tax advantaged long-term care insurance is one of | | | | the per diem limitation under S 7702B(d)(4), regarding |
| the few remaining significant tax-savings benefits for | | | | periodic payments received under a qualified long-term |
| small business owners. "In certain situations, the cost of | | | | care insurance contract or periodic payments received |
| long-term care insurance can be fully tax deductible for | | | | under a life insurance contract that are treated as paid |
| the business. Even spouses can be covered under a | | | | by reason of the death of a chronically ill individual is |
| tax-advantaged plan. | | | | $280. |
| There is still time to take advantage of tax deductions | | | | Annual Exclusion for Gifts - For calendar year 2009, |
| in 2008 and also benefit from the increased deductible | | | | the first $13,000 of gifts to any person (other than gifts |
| limits next year. The deductible limits under Section | | | | of future interest in property) are not included in the |
| 213(d)(10) for eligible long-term care premiums | | | | total amount of taxable gifts under S 2503 made |
| includable in the term 'medical care' are as follows: | | | | during that year. Source: IRS Revenue Procedure |
| Eligible Long-Term Care Premiums - For taxable years | | | | 2008-66 |
| beginning in 2009, the limitation under S 213(d)(10), | | | | To find a comprehensive online directory of over 3,000 |
| regarding eligible long-term care premiums includible in | | | | insurance professionals who can assist with your |
| the term "medical care" are as follows: | | | | long-term care insurance needs, visit the Consumer |
| 40 or less: $320 | | | | Information Center of the American Association for |
| More than 40 but not more than 50: $600 | | | | Long-Term Care Insurance. |
| More than 50 but not more than 60: $1,190 | | | | |