When Is Long Term Care Insurance Tax Deductible?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Qualified Long term care insurance is a tax deductible item when applied toward medical expenses. If you are self employed, 100% of the premium is deductible (up to age based limits). If you are employed and pay your own LTC premium, only the amount that exceeds 7.5% of your adjusted gross income (when LTC premiums are added with medical bills and premiums) is deductible. For employers and members and partners of some corporations, there are additional options for deducting Long Term Care Insurance premiums.
    Answered on August 2, 2013
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