Close

2015 IRS Tax Limits for Eligible Long Term Care Insurance Premiums

tax form

Here are the 2015 Tax deductible limits for eligible long-term care insurance premiums.

Attained Age Before The Close of the Tax Year        Limitation on Premiums

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

Source: IRS Revenue Procedure 2014-61

For calendar year 2015 the per-diem limitation for periodic payments received under a qualified long-term care insurance contract remains at $330. (IRC Sections 104(a)(3), 7702B(a)(2), 7702B(d))

HSA and MSA – Eligible LTCi Premium (table above) – qualified medical expense (IRC Code section 213(d)(1)(D).  

Self-employed, S-corporation (greater than 2% shareholder) and Partnership (greater than 2% shareholder) (table above) – health insurance deduction which can be taken “above the line” Line 29 of IRS From 1040. IRC section 162(l)

Many states have tax credits and deductions.  For details on this, contact your tax advisor or www.baygroupinsurance.com

This information is a summary and is provided with the understanding that it is not to be interpreted as specific legal or tax advice.  You are encourage to see the guidance of your own personal legal and tax counsel.

Additional tax information on long term care insurance.