Long Term Care Insurance State Tax Deduction Guide Published

Long term care insurance premiums may be fully tax deductible for individuals and a growing number of states now offer deductions and even tax credits to those purchasing this important coverage.

According to the American Association for Long Term Care Insurance, the national trade organization, tax deductibility gives individuals and business owners one very important reason to consider ways to address future long term care needs.

“Americans are living well into their 80s, 90s and even longer when the likelihood of needing extremely costly long term care services is almost a guarantee,” declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group charged with creating awareness for long term care related issues.  “The  federal and state governments recognizes this and offers the tax incentives to encourage more people to plan.”

Individuals may be able to deduct long term care insurance premiums paid from their 2011 federal income taxes.  The federal levels are based on your age, Slome notes, ranging from $340 to $4,240 per-person and increase for new policies purchased in 2012.    Individuals face certain limitations that are not imposed on self-employed or corporations.  “These entities may able to make the full cost tax deductible,” Slome adds.

In addition to federal tax deductibility limits, a growing number of states now offer either tax deductions or tax credits to encourage state residents to purchase long-term care insurance.

The American Association for Long-Term Care Insurance has just published a state-by-state listing of available tax deductions on the organization’s website at www.aaltci.org/tax.

To learn more about long-term care planning and get long-term care insurance costs from a designated expert visit the American Association for Long Term Care Insurance Information Center.

Long Term Care Insurance Association Opens 2012 Sales Achievement Awards

The Long Term Care Insurance Sales Achievement Awards is now open for entries effective  January 1, 2012. 

The yearly award based on 2011 sales is organized by the American Association for Long-Term Care Insurance (AALTCI), the national trade organization.  The 2011 award ranked producers from all states broken down into categories including individual LTC insurance, multilife long term care as well as sales of asset-based annuity and life insurance products offering long term care benefits.

The awards are designed to recognize and celebrate outstanding achievements by long term care insurance producers working to educate and help protect Americans.  “From those producers just starting out to the many seasoned specialists, there’s no more passionate and hard-working group of professionals than those selling long-term care insurance protection,” explains Jesse Slome, AALTCI’s executive director.

A special “Rookie of the Year” category now recognizes those producers who first started selling in 2011.   A key component of the awards program is the State-by-State ranking.  “This gives 50 agents the opportunity to show that they are number 1 in their particular state,” Slome explains.  “That’s certainly a powerful marketing tool and these leaders are often called on to teach others and share their knowledge.”

Online applications are available at www.aaltci.org/awards.  The closing date for free entries is February 29.

Established in 1998, the American Association for Long-Term Care Insurance is the national trade organization that supports insurance professionals as well as conducts awareness programs to educate American adults about the importance of long-term care planning.