Yes, you can deduct the premiums for Long Term Care Insurance , but the deduction is subject to limitations.
Premiums for qualified* long-term care insurance policies are deductible on your 2020 federal taxes (if you itemize) up to these per-person amounts. Like any other medical expense, you have to itemize to get the deduction.
- $430 — under age 41 as of December 31, 2020
- $810 — age 41–50 as of December 31, 2020
- $1,630 — age 51–60 as of December 31, 2020
- $4,350 — age 61–70 as of December 31, 2020
- $5,430 — age 71 or higher as of December 31, 2020
Some states also have their own long-term care credit or deduction; when you do your state taxes, we'll let you know if your state offers tax breaks for long-term care.
To deduct unreimbursed, out-of-pocket medical, dental, and vision costs on your federal return:
- You must take the itemized deduction;
- The expenses for you, your jointly-filing spouse, and your dependent(s) must exceed 7.5% of your AGI (adjusted gross income); and
- Only the portion above and beyond 7.5% of your AGI is deductible.
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