The IRS recently issued new limits for the tax deductibility of ’tax qualified’ long-term care insurance premiums for 2019 (below). Only traditional LTCi policies have this benefit while hybrid, combination and linked benefit policies with LTC components do not.
Here are the new (2019) limits for traditional long-term care insurance premiums (that can be included as “medical care”).
Attained Age Before The Close of the Taxable Year – (2019 Limitation on Premiums):
40 or less ($420)
More than 40 but not more than 50 ($790)
More than 50 but not more than 60 ($1,580)
More than 60 but not more than 70 ($4,220)
More than 70 ($5,270)
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