Yes. You must separate your gross long-term care premiums from your standard medical insurance premiums on your tax return.
The IRS has age-based limits on how much of a long-term care (LTC) pr...
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Yes. You must separate your gross long-term care premiums from your standard medical insurance premiums on your tax return.
The IRS has age-based limits on how much of a long-term care (LTC) premium you can claim as a tax deduction. Regular medical insurance premiums do not have these limits. In TurboTax you will enter the "gross" (total) amount you paid, and the software automatically calculates the allowable eligible deduction based on your age.
A premium is the amount you pay to the insurance company to keep your policy active. No, it is not an amount you pay only when you need care. You pay this premium continuously (monthly or annually) to maintain coverage, similar to auto or home insurance. If you eventually need long-term care (such as a nursing home, assisted living, or a home health aide), the insurance policy pays out benefits to cover those costs.
You will find your total premium paid on the billing statements, payment receipts, or the annual premium summary provided directly by your long-term care insurance carrier.
For the 2025 tax year, the maximum portion of your gross premium that the IRS allows you to include as a medical expense on Schedule A is based on your age on December 31, 2025:
Age 40 or under: $480
Age 41 to 50: $900
Age 51 to 60: $1,800
Age 61 to 70: $4,810
Age 71 or older: $6,020