IRS expands tax deduction for LTC insurance expenses

The Internal Revenue Service will let people who have a long-term-care insurance policy in 2016 deduct a slightly higher amount of premium costs than they could for 2015. “The increase is a positive sign that the government recognizes it needs to encourage people to do long-term planning for themselves,” said Jesse Slome of the American Association for Long-Term Care Insurance. Financial Advisor (1/2016)