It depends on your spouse's age. For 2021, the maximum amount of qualified long-term care premiums includible as medical expenses has increased. Qualified long-term care premiums, up to the amounts shown below, can be included as medical expenses on Form 1040, Schedule A, Itemized Deductions or in calculating the self-employed health insurance deduction:
- Age 40 or under: $450
- Age 41 to 50: $850
- Age 51 to 60: $1,690
- Age 61 to 70: $4,520
- Age 71 and over: $5,640
The limit on premiums is for each person.
The medical expense deduction threshold is 7.5% of adjusted gross income (AGI).
Qualified Long-Term Care Insurance Contracts
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