Income Tax Deduction Limits for Long Term Care Insurance

I generally consider comprehensive long term care insurance as “Plan A” when it comes to protecting your assets from a future nursing home placement. One benefit of this approach which is often overlooked is the ability to deduct the premium payments for income tax purposes…to a point.

Here are the 2014 income tax deduction limits for long term care insurance premiums:

Age 40 or less: $370

Over 40 but not over 50: $700

Over 50 but not over 60: $1,400

Over 60 but not over 70: $3,720

Over 70: $4,660!