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IRS Announces Increased 2013 Deductibility Limits For Long-Term Care Insurance

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October 19, 2012

October 18, 2012. The Internal Revenue Service (IRS) announced increased deductibility levels for long-term care insurance policies purchased in 2013. "For taxable years beginning in 2013, the limitations have been increased," explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI), the industry's trade association. “Tax advantaged long-term care insurance remains one of the few remaining significant tax-savings benefits especially meaningful for small business owners." The deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term ‘medical care’ are as follows:

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