Long Term Care Insurance ProsDane Petchul - Long-Term care Insurance Specialist

Dane A. Petchul





Nothing is more preventable than the swift and total financial devastation that comes from a long term care

Suze Orman

"In You've Earned It,
Don't Lose It."



LongTermCareInsurance Pros was able to insure me and my wife after previously being declined. We are so thankful that he is such an advocate for every individual and thoroughly knows all the carriers and plans available.

Toni & Mel H.




quote The first step is to consider the purchase of long-term care insurance...Since these polices come with "concierge" services to find appropriate caregivers, this is a must-do for women who are alone...The time to buy is in your late 50s or early 60s, when costs are lower and you're healthy enough to qualify. quote

Terry Savage Author, “The Savage Number” Nationally syndicated financial columnist
March, 2008























































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2011 Tax Deductions for Long-Term Care Insurance

As you age---Your Tax Deductible Limit Increases!


The Internal Revenue Service has announced the 2011 limitations on the deductibility of long-term care insurance premiums from taxes. The maximum deductible limit for an individual exceeds $4,000.


Premiums for "qualified" (see explanation below) are tax deductible provided that they, along with other unreimbursed medical expenses, exceed 7.5 percent of the insured's adjusted gross income. These premiums -- what the policyholder pays the insurance company to keep the policy in force -- are deductible for the taxpayer, his or her spouse and other dependents. (If you are self-employed, the tax-deductibility rules are a little different: You can take the amount of the premium as a deduction as long as you made a net profit; your medical expenses do not have to exceed 7.5 percent of your income.)


However, there is a limit on how large a premium can be deducted, depending on the age of the taxpayer at the end of the year. Following are the deductibility limits for 2011. Any premium amounts for the year above these limits are not considered to be a medical expense.

Maximum Deduction for Qualified LTCi Premiums Under Code 213(d)(10)

2011 Federal Tax Deductible Limits

Taxpayer's Age at the End of the Tax Year-Deductible Limit

  • 40 or less - $340
  • More than 40 but no more than 50 - $640
  • More than 50 but no more than 60 - $1,270
  • More than 60 but no more than 70 - $3,390
  • More than 70 - $4,210

What Is a "Qualified" Policy?

To be "qualified," policies issued on or after January 1, 1997, must adhere to certain requirements, among them that the policy must offer the consumer the options of "inflation" and "nonforfeiture" protection, although the consumer can choose not to purchase these features. Policies purchased before January 1, 1997, will be grandfathered and treated as "qualified" as long as they have been approved by the insurance commissioner of the state in which they are sold. For more on the "qualified" definition, click here.



Of course, these deductions are not available to everyone who owns Long-Term Care insurance. Those who are self-employed, owners of an LLC, or incorporated, will be able to get the most benefit from this schedule. I would happy to explain who benefits most from these deductions for anyone who inquires.


As in all tax matters it is best to consult your tax professional for clear advice on how much Long-Term Care insurance premiums can be deducted in your individual situation though.


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