2013 IRS Tax Limits for Long-Term Care Insurance :Individual taxpayers tin process premiums paid for tax-qualified long-term attention insurance for themselves, their husband or whatever revenue enhancement dependents (such every bit parents) every bit a personal medical expense. The yearly maximum deductible sum for each private depends on the insured's attained historic menstruation at the unopen of the taxable twelvemonth (see Table i for electrical flow limits). These deductible maximums are indexed too increment each twelvemonth for inflation.
The Internal Revenue Service (IRS) announced increased deductibility levels for individuals purchasing long term care insurance policies purchased inwards 2013 (Rev Procedure 2012-41).
|Attained Age earlier Close of Taxable year|
|40 or less||$ 360|
|More than xl but non to a greater extent than than 50||$ 680|
|More than fifty but non to a greater extent than than 60||$1,360|
|More than lx but non to a greater extent than than 70||$3,640|
|More than lxx||$4,550|
For calendar twelvemonth 2013, the per-diem limitation nether Section 7702B(d)(4) for periodic payments received nether a qualified long-term attention insurance contract is $320 (the 2012 boundary was $310).