Online Guide Addresses Increased Tax Deductions For Long-Term Care Insurance

Feb. 13, 2010 - PRLog -- A new online guide explains 2010 tax deductibility rules and limits for individuals and business owners purchasing long-term care insurance.

The information is offered by the American Association for Long-Term Care Insurance, the industry trade group.  

"To encourage individuals and small business owners to purchase long-term care insurance the federal government and many states have started offering tax deductions and tax incentives," explains Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance.  Some 8.25 million Americans currently have long-term care insurance purchased on an individual basis or through their employer.

The new online guide explains tax rules for individuals as well as those who are self-employed or own small businesses.   The applicable rules vary including limits for allowable tax deductions.

Tax-deductible limits for individuals can be as much as $4,110 per-individual starting in 2010 based on age.  "Small business owners can take advantage of special tax rules that may make the full cost of long-term care insurance tax deductible," Slome adds.  "The business can even pay for spouses and designate coverage for selected employees on a tax-advantaged basis."

The guide's information providing federal tax deductibility limits and state-by-state deductibility rules can be viewed online on the Association's website: http://www.aaltci.org/tax.
   
The American Association for Long-Term Care Insurance (http://www.aaltci.org) is the national association serving insurance and financial professionals who provide long-term care financing solutions.  The organization is headquartered in Los Angeles, CA.

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Abiout the American Association for Long-Term Care Insurance. AALTCI is the national trade organization for long-term care insurance industry.