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BREAKING NEWS!
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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Comfort Long Term Care is an independent insurance brokerage agency specializing exclusively in LTC insurance. Agency owner, Bill Comfort, The LTCpro® is a LTC specialist celebrating 30+ years of experience since 1991! We are based in the Raleigh, Durham, Chapel Hill, North Carolina Triangle region, but we serve clients throughout NC and across the country. We also have an office in St. Louis, Missouri.
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