For the first time since The American Association for Long-Term Care Insurance began reporting this information, the IRS did not raise the tax deductible LTCi limits for 2022.

What does that mean for your clients?

• The maximum deductibility remains high
• Significant benefit for older individuals and couples
• Tax deductibility is one of the best-kept secrets and potential benefits for seniors
• Deductibility is especially valuable after retirement (income decreases and health costs typically increase)
• The tax advantages are available only on tax-qualified long term care insurance policies
• Some hybrid policies (aka linked benefit, asset based care, combination insurance) also offer an LTCi tax deduction

According to IRS Revenue Procedure 2021-45, deductions for a couple age 70 or older:

2022: $11,280
2021: $11,280
2020: $10,860
2019: $10,540