Monday, November 9, 2015
Long Term Care Insurance Tax Deductibility Promoted by AALTCI
Many people are not aware that certain long term care insurance policies offer significant potential for tax reduction. To heighten awareness, the American Association for Long-Term Care Insurance distributed information to news outlets explaining the benefits.
“This is an important benefit that can save many people, especially retirees, and very few people are aware,” declares Jesse Slome, executive director of the American Association for Long Term Care Insurance. “We are pleased to see that the information we distributed has already been used by some 200 media outlets across the country.”
The news effort promoted the increased tax deductible limits just approved by the IRS for 2016. “Considering the government is not increasing Social Security benefit payments in 2016, I expected there would be no increase in the tax deductible limits,” Slome noted. “This is an important validation of the fact that government officials want to encourage more Americans to plan.”
The maximum long-term care insurance tax deduction that can be taken by a couple is $9,500 off their 2015 taxes. The IRS approved an increase to $9.740 for 2016.
The American Association for Long Term Care Insurance was established to promote sound and affordable planning for Americans. The organization is based in Westlake Village, CA. Jesse Slome has served as director since 1998. For more information, visit the organization’s website.
To see some of the media results from the story:
Boston (Boston Globe)
Los Angeles Daily News
Ft. Worth Star Telegram
Milwaukee Journal Sentinel