LONG TERM CARE- It's never too early to get your clients thinking about Long Term Care insurance. The Webb Agency represents the major Long Term Care insurance companies. Contact us for your next quote. Our knowledge, combined with service makes us your ONE STOP SHOPPING center.

Long Term Care Insurance premium tax deductible amounts for 2014.

The IRS has released the eligible long term care premium amounts for 2014 as follows:

• Age 40 or less $380
• Age 41-50 $710
• Age 51-60 $1430
• Age 61-70 $3800
• Age 71 and older $4750

These amounts represent the deductible medical expense limits for individuals who itemize their deductions.

For Tax years beginning on or after January 1, 2004, the New York State long term care insurance credit has been increased to 20% of the premiums paid during the tax year for the purchase of qualifying long term care insurance. Go to IRS from our Industry links page and search for form IT-249.

LTC Alert!- The New York LTC Partnership minimum daily benefit for 2015 is $284.00. All New York long term care Partnership applications dated on or after January 1, 2015 must have a daily benefit of at least $284.00.