The Internal Revenue Service has implemented changes in the deductibility of long-term care insurance premiums and benefits that will apply in 2003. Here are the limits, based on age: 40 and younger - $250 41-50 - $470 51-60 - $940 61-70 - $2510 71 and older - $3130 For business owners such as sole proprietors, partners, 2 percent and greater shareholders of S-corporations, and members of LLC's will no longer be limited to the 70% deduction of the eligible Long Term Care premiums. As of 2003, they will be able to deduct 100% of the eligible Long Term Care premium. Benefits paid on a qualified long-term care insurance policy to an individual will not be taxable income as long as benefit payments above $220 per day do not exceed the actual cost of care.