Trending...
- The 2025 ESPY Awards After Party- Presented by Poppi & High Noon
- General Auction Company Announces August 8th Auction- Now Accepting Consignments
- $53 Million Company Valuation Investment with Majority Acquisition Option, Plus New Stock CUSIP Supporting Brand Transition of Fan Engagement Company
LOS ANGELES - Californer -- The IRS has announced increased 2025 tax deductible limits for long-term care insurance according to the American Association for Long-Term Care Insurance.
"Tax deductibility of tax-qualified long-term care insurance premiums remains one of the best kept secrets in financial planning," states Jesse Slome, director of the American Association for Long-Term Care Insurance. "The 2025 deductible limits are significant and few people, especially small and mid-sized business owners, are aware that premiums paid for long-term care insurance may be tax deductible."
The just announced 2025 limits for an individual age 70 or more is $6,020, according to AALTCI. "Most policies are purchased by couples which means they could deduct up to $12,040 next year depending on their age," Slome explains.
Only long-term care policies that meet the federal government's tax-qualified requirements qualify for a potential tax deduction, the long-term care insurance expert notes. "Most of the linked benefit or hybrid life insurance policies, the ones more popular today do not qualify for a possible tax benefit," Slome notes.
More on The Californer
"Two types of individuals can gain the most benefit from the IRS deductions," Slome adds. "First business owners, who may be able to deduct the full cost of their insurance protection and have a paid-in-full policy when they reach retirement age."
In addition, people who have retired from jobs can benefit. "That's when income levels enable more people to reach the required health expense threshold to make premiums deductible," Slome acknowledges. "That potential tax deduction can be a huge benefit after retirement and something seniors should take into consideration when looking into their long-term care protection options."
2025 Maximum Deduction Limits Long-Term Care Insurance
The following are the new 2025 deductible limits per-individual (2024 limits in brackets):
Attained Age Before Close of Taxable Year 2025 Limit (2024)
40 or less $480 ($470)
More than 40 but not more than 50 $900 ($870)
More on The Californer
More than 50 but not more than 60 $1,800 ($1,7,60)
More than 60 but not more than 70 $4,810 ($4,710)
More than 70 $6,020 ($5,880)
The American Association for Long-Term Care Insurance advocates for the importance of planning and supports insurance and financial professionals who provide long-term care financing solutions. To see prior year's long-term care insurance tax deductible limits (https://www.aaltci.org/long-term-care-insurance/learning-center/tax-for-business.php) or visit the organization's website (https://www.aaltci.org/tax). Call 818-597-3227 to connect with a long-term care insurance professional who can provide no-obligation quotes for coverage.
"Tax deductibility of tax-qualified long-term care insurance premiums remains one of the best kept secrets in financial planning," states Jesse Slome, director of the American Association for Long-Term Care Insurance. "The 2025 deductible limits are significant and few people, especially small and mid-sized business owners, are aware that premiums paid for long-term care insurance may be tax deductible."
The just announced 2025 limits for an individual age 70 or more is $6,020, according to AALTCI. "Most policies are purchased by couples which means they could deduct up to $12,040 next year depending on their age," Slome explains.
Only long-term care policies that meet the federal government's tax-qualified requirements qualify for a potential tax deduction, the long-term care insurance expert notes. "Most of the linked benefit or hybrid life insurance policies, the ones more popular today do not qualify for a possible tax benefit," Slome notes.
More on The Californer
- Laube Titanium to Attend MADE Bike Show in Portland, Oregon
- A Century of Compassion: Butte Humane Society Hosts 114th Anniversary Gilded Garden Gala
- United Set to Hire More Special Olympics Athletes As Customer Service Ambassadors
- Exelon Leader Tamla Olivier Named 2025 Technologist of the Year by Waves of Change STEM Conference
- KIDZ BOP RELEASES BRAND NEW ALBUM 'KIDZ BOP 51' FEATURING HITS "APT" & "PINK PONY CLUB"
"Two types of individuals can gain the most benefit from the IRS deductions," Slome adds. "First business owners, who may be able to deduct the full cost of their insurance protection and have a paid-in-full policy when they reach retirement age."
In addition, people who have retired from jobs can benefit. "That's when income levels enable more people to reach the required health expense threshold to make premiums deductible," Slome acknowledges. "That potential tax deduction can be a huge benefit after retirement and something seniors should take into consideration when looking into their long-term care protection options."
2025 Maximum Deduction Limits Long-Term Care Insurance
The following are the new 2025 deductible limits per-individual (2024 limits in brackets):
Attained Age Before Close of Taxable Year 2025 Limit (2024)
40 or less $480 ($470)
More than 40 but not more than 50 $900 ($870)
More on The Californer
- Be Part of the World's Largest Art Biennale | Moons, Castles, Trees | Copenhagen Chronotopes
- California sends more search and rescue crews to Texas
- YourEggs Is Leading the Way in Providing Access to the Best Asian Egg Donors to Families Worldwide
- California: Governor Newsom and Acting Governor Kounalakis honor fallen CDCR Parole Agent
- California sues to stop Trump's politically motivated attack on high-speed rail
More than 50 but not more than 60 $1,800 ($1,7,60)
More than 60 but not more than 70 $4,810 ($4,710)
More than 70 $6,020 ($5,880)
The American Association for Long-Term Care Insurance advocates for the importance of planning and supports insurance and financial professionals who provide long-term care financing solutions. To see prior year's long-term care insurance tax deductible limits (https://www.aaltci.org/long-term-care-insurance/learning-center/tax-for-business.php) or visit the organization's website (https://www.aaltci.org/tax). Call 818-597-3227 to connect with a long-term care insurance professional who can provide no-obligation quotes for coverage.
Source: AALTCI
Filed Under: Financial
0 Comments
Latest on The Californer
- WonderDays Launches the UK's First AI Experience Gift Finder – Gifting Just Got So Much Easier!
- CelluHeal™ Launches Full Line of Advanced Wound Dressings for Online Purchase in the USA, Canada, and Beyond
- California: Governor Newsom responds to Trump's latest gift to China: Defunding America's only high-speed rail
- California: Governor Newsom announces appointments 7.16.25
- California: Governor Newsom calls on Trump to end Los Angeles militarization, shares community resources
- City of Long Beach to Host Compost and Recycling Ambassador Program
- AMAZON DRIVERS IN CITY OF INDUSTRY JOIN THE TEAMSTERS
- Silva Construction Details Common Home Renovation Mistakes and How to Avoid Them
- Governor Newsom invites LA Fire survivors to continue shaping rebuilding efforts through Engaged California
- DOGUE Magazine and CoverDogs Announce Series A to Redefine Modern Pet Culture
- Voices for Humanity Treks High into the Himalayas to Deliver the Way to Happiness with Meena Sharma
- Nonprofit innovator named Mensa Executive Director
- Following Trump cut to LGBTQ youth suicide hotline, California steps up to fill the gap
- Yasmine Roulleau named Managing Director in Vancouver, Canada
- Chasing Elizabeth Taylor — The Dazzling True Story Behind the Queen of Diamonds Now Available in Limited-Edition Hardcover
- Swim Up Hill Animation Premieres Pilot Episode of "The Adventure of Swim Up Hill"
- LOS ANGELES TEAMSTERS AT METRO TRANSIT RATIFY FIRST CONTRACT
- Calmwater Capital Funds $22.8 Million Loan to Refinance Retail Complex in Park City
- From Barrio to Transgender Pioneer: Chapter 14 Personal Injustices Faced by the Protagonist
- Blacksmith InfoSec and Liongard Launch Strategic Integration to Simplify MSP Compliance Audits