Florida Elder Law Blog - A blog by Elder Law Associates, South Florida's premier elder law attorneys, who handle elder law, medicaid planning, guardianships and much, much more.
The Internal Revenue Service has announced the 2009 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. (For details, click here.)
| Attained age before the close of the taxable year | Maximum deduction |
| 40 or less | $320 |
| More than 40 but not more than 50 | $600 |
| More than 50 but not more than 60 | $1,190 |
| More than 60 but not more than 70 | $3,180 |
| More than 70 | $3,980 |
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 $280 per day (for 2009), whichever is greater.
For details from the American Association for Long-Term Care Insurance, click here. Of course, if you are planning for long-term care, you should always consult a Florida elder law attorney.
Labels: Florida Elder Law Attorney, long term care
