IRS Announces Increased Deductibles in 2007 for Those With Long Term Care Insurance Coverage

Higher levels of deductibility on Federal taxes for long term care insurance premiums paid in 2007 have been announced by the Internal Revenue Service.

"These increased tax deductible limits are another indication of the U.S. government's commitment to encourage Americans to purchase individual insurance coverage which will cover all or most of the costs of long term care services which may be required at some time in their lives," said Lisa Wendt, president and chief executive officer of LifeSecure Insurance Company. LifeSecure, headquartered in Brighton, Mich., offers long term care insurance to state residents.

IRS Announces Increased Deductibles in 2007 for Those With Long Term Care Insurance Coverage
Source: Insurance News Net