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Are premiums on an insurance policy with long-term care coverage deductible?

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Are premiums on an insurance policy with long-term care coverage deductible?

Premiums for "qualified" long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed a certain percentage of the insured's adjusted gross income.

A Tax-Qualified policy can be eligible for a tax deduction of your policy's premiums and benefits. 

Form 1099-LTC states that "amounts paid under a qualified long-term care insurance contract are excluded from your income.   In order to qualify for the tax deduction :
Among other requirements, a qualified plan must cover only qualified long term care services 
     *You must be certified by a health professional as having a chronic illness that will last for a minimum of 90 days.
     *You must be unable to perform two out of six, or in some cases two out of five, Activities of Daily Living (ADLs). 
     *Cognitive impairment must be severe and require substantial supervision. 
      *Medical necessity, injury or sickness probably will not qualify you to receive benefits.

If you claim this deduction you must itemize your medical expenses, subject to age-related limits. To deduct medical expenses, your out-of-pocket expenses must be itemized and exceed 7.5% of your gross adjusted income. Refunds of premiums at death or cancellation are taxable income if the premiums were deducted from income. 

Click here for a further explanation on the topic: https://www.irs.gov/pub/irs-pdf/p502.pdf

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