TAX ALERT: Increased Federal Deductions Make Long-Term Care Insurance More Affordable for Many

Americans planning to buy long-term care insurance in 2011 may deduct a larger portion of their premiums than ever, thanks to the Internal Revenue Service (IRS). The new deductible limits for eligible long-term care premiums includable in the term “medical care” are –
- $4,240 if you’re 70 or older;
- $3,390 if you’re over 60 but not over 70;
- $1,270 if you’re over 50 but not over...