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2022 Tax Deduction For Qualified Long-Term Care Insurance
Unchanged from 2021 Limits.

The Internal Revenue Service announced the increased limits for tax deductibility of long-term care insurance premiums is unchanged from year-ending 2023. 

 

However, tax favorable treatment  of individual long-term care insurance premiums is still considered 'medical care' and according to IRS Revenue Procedure 2019-44, a couple age 70 or older who both have the right kind of long-term care insurance policy can deduct as much as $11,280 in 2023.  Compared to the 2020 limit of $10,860. 

The following are the new 2023 deductible limits

 

2023 Tax Deductible Limits Long-Term Care Insurance Premiums paid for traditional long-term care insurance are included as ‘medical care’.  

 

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Attained Age

Before Close of Taxable Year

 

  • 40 or less 

  • More than 40 but not more than 50

  • More than 50 but not more than 60

  • More than 60 but not more than 70M

  • More than 70                                       

2022/2023 Limits

Before Close of Taxable Year

 

  • $450

  • $850

  • $1,690

  • $4,520

  • $5,640                                      

2020 Limits

Before Close of Taxable Year

 

  • $430

  • $810

  • $1,630

  • $4,350

  • $5,430                                     

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