The 2024 IRS LTC Insurance numbers are out. And, strangely, all the numbers are going DOWN for 2024. Still higher than 2022, but likely a result of the Eligible premiums and Per Diem limit now being calculated as a "chained" CPI - I have no idea how that works, but it's created a see-saw effect on the numbers the last few years.
The 2024 "Per Diem" limit - the guaranteed minimum tax-free benefit payment amount for indemnity/cash benefit policies - is going down to $410 per day (from $420/day in 2023).
The 2024 age-based medical-expense "Eligible" LTC premiums are dropping slightly for attained ages as of 12/31 in the tax year:
Age 40 or less: $470 (down from $480 in 2023)
Ages 41 - 50: $880 (down from $880)
Ages 51 - 60: $1,760 (down from $1,790)
Ages 61 - 70: $4,710 (down from $4,770)
Ages 71+: $5,880 (down from $5,960)
CLICK HERE to link to to Revenue Procedure 2023-34 - see Sections 28. & 62.
Want more information about LTC insurance tax issues? Please click here to visit our Tax Guide in the LTC Learning Center.
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