2015 Long-Term Care Premium Deductibility Limits

The Internal Revenue Service has announced the 2015 limitations on the deductibility of long-term care insurance premiums from taxes. Any premium amounts above these limits are not considered to be a medical expense and are not deductible.

Attained age before the close of the taxable year Maximum deduction
40 or less $380
More than 40 but not more than 50 $710
More than 50 but not more than 60 $1,430
More than 60 but not more than 70 $3,800
More than 70 $4,750

Benefits from per diem or indemnity policies, which pay a predetermined amount each day, are not included in income except amounts that exceed the beneficiary’s total qualified long-term care expenses or $330 per day, whichever is greater.

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