Yes, you can report the entire amount of premiums paid in 2024. See this TurboTax help article for more information about the limits on the deduction based on age for 2024.
You may expect to receive a Form 1099-LTC showing the amount paid for long-term care benefits for 2025.
In most cases, long-term care insurance contracts are treated as accident and health insurance contracts. Amounts you receive from them (other than policyholder dividends or premium refunds) are excludable in most cases from income as amounts received for personal injury or sickness. See IRS Publication 525 for more information.
When you receive benefits under the policy, you can only deduct the medical expenses that exceed the insurance proceeds.
The IRS defines qualified long-term care services as:
- Necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, rehabilitative services, and maintenance and personal care services; and
- Required by a chronically ill individual and provided pursuant to a plan of care prescribed by a licensed health care practitioner.
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