Americans planning to buy long-term care insurance in 2011 may deduct a larger portion of their premiums than ever, thanks to the Internal Revenue Service (IRS). The new deductible limits for eligible long-term care premiums includable in the term ‘medical care’ are —

* $4,240 if you’re 70 or older
* $3,390 if you’re over 60 but not over 70
* $1,270 if you’re over 50 but not over 60
* $640 if you’re over 40 but not over 50
* $340 if you’re 40 or under.

For many Americans considering a long-term care policy, “The out-of-pocket cost may be less than one might think, thanks to Uncle Sam,” says¬†Jonas Roeser, Senior Vice President of Marketing & Operations for LTC Financial Partners, LLC (LTCFP), one of the nation’s most experienced long-term care insurance agencies. “And a policy may be even more affordable,” he adds, “if the applicant lives in a state offering an additional deduction or rebate.”