INFORMATION CENTER
LTC
LTCi Premium Federal Tax Deduction
Table
(subject to 7.5% of AGI threshold)
| |
2003 |
2004 |
| 40 Or Under |
$ 250 |
$ 260 |
| 41 - 50 |
$ 470 |
$ 490 |
| 51 - 60 |
$ 940 |
$ 980 |
| 61 - 70 |
$ 2,510 |
$ 2,600 |
| 70 And Older |
$ 3,130 |
$ 3,250 |
- States offering a tax deduction or tax credit
for LTCi: AL,CA,CO,HI,IA,ID,IN,KY,ME,MD,MN,MO,MT,NY,NC,ND,OH,OR,UT,VA,WV,WI
- $1 Billion in LTCi claims paid in 2002 ...
For the first time the dollar value of yearly claims paid to LTCi
policyholders exceeded $1 Billion
- 2002 individual LTCi sales reached $994,354
million, estimated 6% industry growth.
- Top 6 market share companies GE, John
Hancock, Bankers Life & Casualty, CNA, Unum, and Aegon USA (LIMRA report)
Annuities
- Record-setting sales in 2002 for Fixed Index
Annuities ... $11.67 billion, up 80% over 2001 sales
- Nonforfeiture law changes may dramatically
affect Equity Index Annuities ... Lower minimum guarantees and lower surrender
charges are on the horizon based on changes in the Standard Nonforfeiture Law
for Individual Deferred Annuities adapted by the NAIC on March 9th 2003
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