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IRS Announces 2007 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 2007.

For 2007, the limitations under Section 213(d)(10), regarding eligible long-term care premiums includible in the term "medical care" are as follows:

Age Attained Before Close of Taxable Year
Limitation on Premiums
40 or less
$290
More than 40 but not more than 50
$550
More than 50 but not more than 60
$1,110
More than 60 but not more than 70
$2,950
More than 70
$3,680

Source: IRS Revenue Procedure 2006-53

View IRS Bulletin announcing Inflation Adjusted Tables for 2007

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