Is your long-term care insurance plan tax-qualified? If yes, there’s good news: Your tax deductible limit increases as you age. The reason is that the federal government considers tax-qualified long-term care premiums a medical expense. Medical expenses that exceed 7.5% of the individual’s adjusted gross income are tax deductible.

The federal tax-deductible limits for tax-qualified long-term care premiums are determined by age. In 2010, the limits are as follows:

For more information about your long-term care plan or to obtain a quote, call our service team today