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IRS Announces 2006 Deductibility Levels for Long-Term Care Insurance

The Internal Revenue Service (IRS) has announced increased deductibility levels for long-term care insurance premiums paid in 2006.

For 2006, the deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term 'medical care' are as follows:

Age Attained Before Close of Taxable Year
Limitation on Premiums
40 or less
$280
More than 40 but not more than 50
$530
More than 50 but not more than 60
$1,060
More than 60 but not more than 70
$2,830
More than 70
$3,530

Source: IRS Revenue Procedure 2005-70

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