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What are the 2023 long-term care insurance tax deduction limits?

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Your long-term care insurance policy may lead to deductions that reduce your overall tax burden. 

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Long-term care is an important consideration as you plan for your retirement. After all, most older Americans will need some form of long-term care at some point — and the cost of that care is growing. 

Long-term care insurance can help bridge the gap between the care you can afford and the care you may need. That’s not the only benefit of purchasing a long-term care insurance policy, though. 

Long-term care insurance comes with tax benefits as well. Depending on the size of your premiums, you may be able to deduct some or all of the money you pay to maintain your policy — reducing your tax burden in the process. However, there are limits to consider. 

Compare long-term care insurance policies today to get the coverage you need

What are the 2023 long-term care insurance tax deduction limits?

Long-term care insurance premiums are tax-deductible up to certain limits — which are based on your age. 

Here are the long-term care insurance deduction limits for the 2023 tax year (note: limits are based on your age on the last day of the tax year):

  • 40 years old or younger: $480  
  • 41 to 50 years old: $890
  • 51 to 60 years old: $1,790
  • 61 to 70 years old: $4,770
  • 71 and older: $5,960 

It’s important to note that these limits are subject to change each year. The limits for the 2024 tax year are slightly different from 2023. 

Here’s the maximum you can deduct for your long-term care insurance premiums for the 2024 tax year: 

  • 40 years old or younger: $470   
  • 41 to 50 years old: $880 
  • 51 to 60 years old: $1,760
  • 61 to 70 years old: $4,710 
  • 71 and older: $5,880 

Find out how affordable long-term care insurance can be now

What if your premiums surpass the maximum deduction limits?

In some cases, your long-term care insurance premiums may be higher than the current deduction limits for your age. In these cases, you can only deduct the maximum for your age. For example, if you’re 55 years old and you pay $1,900 per year in long-term care insurance premiums, you can deduct $1,790 on your 2023 tax return and $1,760 on your 2024 tax return. 

However, you may be able to expand the tax benefits of long-term care insurance with a health savings account (HSA). You can fund your HSA on a pre-tax basis and either use those funds to pay your long-term care insurance premiums directly or to reimburse yourself the cost of your premiums on a tax-free basis. 

Are long-term care insurance benefits considered taxable income?

Long-term care insurance benefits are not considered taxable income as long as the policy is a qualified long-term care policy. In order to be a qualified policy, your long-term care insurance must

  • Only offer benefits for a chronic illness: The policy must only offer benefits if you’re diagnosed with a chronic illness. This is typically described as an inability to complete two of the six activities of daily living (ADLs) for a predetermined period of time.  
  • Require a prescribed plan of care: The policy must require a physician to prescribe you a plan of care that includes your qualified benefits before it pays for services.
  • Be 100% renewable: The plan must come with guaranteed renewability regardless of your age, health condition or any other factor. This means that as long as you pay your premiums, you’ll have access to long-term care insurance benefits.    

Why you should compare long-term care insurance now

If you don’t already have long-term care insurance, it’s wise to compare your options now, as the cost of coverage usually increases with age. Moreover, age and health status will play a role in whether or not you qualify for coverage. 

If you wait too long to purchase a long-term care insurance policy, you could end up paying significantly higher premiums or be denied coverage altogether. Compare your long-term care insurance options now to lock in your coverage today. 

Find out your options for long-term care insurance today

The bottom line

There are multiple tax benefits associated with long-term care insurance. Not only are the premiums you pay tax-deductible but there’s a high likelihood that the benefits you receive will be free from any income tax burden. Moreover, if you pay your premiums with an HSA, or use one to recoup the cost of your premiums, you may be able to expand the tax benefits of your policy. Either way, it’s important to keep your deductions within the limits set by the IRS. Consider the limits above as you take advantage of your long-term care insurance premium-related tax deductions. 



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Passenger lands small plane after pilot experiences medical emergency

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Heat may be factor in several plane crashes


Heat may be factor in multiple small plane crashes over weekend

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A passenger successfully landed a small plane on Friday after the pilot had a medical emergency, the Federal Aviation Administration said. 

The twin-engine Beechcraft King Air 90 was traveling from Henderson Executive Airport in Las Vegas, Nevada to Monterey Regional Airport in California, with a pilot and one other person on board, the FAA said. 

The pilot suffered an unspecified medical emergency while flying, the FAA said, forcing the passenger to take the controls and make an emergency landing at Meadows Field Airport in Bakersfield, California. 

The Kern Fire Department told CBS News affiliate KBAX that firefighters were called to a report of a medical emergency on the plane. The pilot was reported to be “incapacitated,” the fire department said. Firefighters saw the plane approach and land safely, then “chased” the plane down the runway in emergency vehicles to meet it. 

The FAA did not release the passenger or pilot’s identities nor give an update on the pilot’s condition. The pilot was taken to an area hospital by ambulance. The passenger did not report any injuries. 

The FAA and the National Transportation Security Board will investigate the incident, the FAA said.



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Congo finally begins mpox vaccinations in a drive to slow outbreaks

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Congolese authorities began vaccination against mpox on Saturday, nearly two months after the disease outbreak that spread from Congo to several African countries and beyond was declared a global emergency by the World Health Organization.

The 265,000 doses donated to Congo by the European Union and the U.S. were rolled out in the eastern city of Goma in North Kivu province, where hospitals and health workers have been overstretched, struggling to contain the new and possibly more infectious strain of mpox.

Congo, with about 30,000 suspected mpox cases and 859 deaths, accounts for more than 80% of all the cases and 99% of all the deaths reported in Africa this year. All of the Central African nation’s 26 provinces have recorded mpox cases. Officials in Congo previously told CBS News that they’ve struggled to diagnose patients and provide basic care in the vast country of 100 million people, where a fragile, under-resourced healthcare system is also burdened by the stigma associated with the virus. 

Although most mpox infections and deaths recorded in Congo are in children under age 15, the doses being administered are only meant for adults and will be given to at-risk populations and front-line workers, Health Minister Roger Kamba said this week.

“Strategies have been put in place by the services in order to vaccinate all targeted personnel,” Muboyayi ChikayaI, the minister’s chief of staff, said as he kicked off the vaccination.

Congo Mpox
A health worker attends to an mpox patient, at a treatment center in Munigi, eastern Congo, Aug. 19, 2024.

Moses Sawasawa / AP


At least 3 million doses of the vaccine approved for use in children are expected from Japan in the coming days, Kamba said. 

Mpox, also known as monkeypox, had been spreading mostly undetected for years in Africa before the disease prompted the 2022 global outbreak that saw wealthy countries quickly respond with vaccines from their stockpiles while Africa received only a few doses despite pleas from its governments.

However, unlike the global outbreak in 2022 that was overwhelmingly focused on gay and bisexual men, mpox in Africa is now being spread via sexual transmission as well as through close contact among children, pregnant women and other vulnerable groups, Dr. Dimie Ogoina, the chair of WHO’s mpox emergency committee, recently told reporters. 

More than 34,000 suspected cases and 866 deaths from the virus have been recorded across 16 countries in Africa this year. That is a 200% increase compared to the same period last year, the Africa Centers for Disease Control and Prevention said. 

A lack of diagnostic materials and basic medicines to treat the virus, which can improve survival rates, have also hampered efforts to contain the outbreak, and access to vaccines remains a challenge.

Congo Mpox
A health worker attends to a mpox patient, at a treatment centre in Munigi, eastern Congo, Monday, Aug. 19, 2024.

Moses Sawasawa / AP


The continent of 1.4 billion people has only secured a commitment for 5.9 million doses of mpox vaccines, expected to be available from October through December, Dr. Jean Kaseya, head of the Africa CDC, told reporters last week. Congo remains a priority, he said.

At the vaccination drive in Goma, Dr Jean Bruno Kibunda, the WHO representative, warned that North Kivu province is at a risk of a major outbreak due to the “promiscuity observed in the camps” for displaced people, as one of the world’s biggest humanitarian crisis caused by armed violence unfolds there.

The news of the vaccination program brought relief to many in Congo, especially in hospitals that had been struggling to manage the outbreak. Doctors with several charities working in the country have told CBS News they’re overstretched and short on supplies, even having to use tents and mattresses on the floor of makeshift isolation wards to treat a constant influx of patients. 

“If everyone could be vaccinated, it would be even better to stop the spread of the disease,” said Dr. Musole Mulambamunva Robert, the medical director of Kavumu Hospital, one of the mpox treatment centers in eastern Congo.

Eastern Congo has been beset by conflict for years, with more than 100 armed groups vying for a foothold in the mineral-rich area near the border with Rwanda. Some have been accused of carrying out mass killings.



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Saturday Sessions: Marcus King performs “Save Me”

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Saturday Sessions: Marcus King performs “Save Me” – CBS News


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Grammy-nominated singer-songwriter Marcus King started playing guitar at eight. As a teen, he formed his own band and started performing. Now, he’s releasing his third critically acclaimed solo album. The personal project focuses on mental health and was produced by the legendary Rick Rubin. From “Mood Swings,” here is Marcus King with “Save Me.”

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