Would an insurance policy to pay for long term care be considered a deductible medical expense as a "qualified long term care contract?"

[JohnB5677]

Yes, A long term care policy is deductible as medical expenses on Schedule A as an itemized deduction.

For 2022, 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: $4,510
• Age 71 and over: $5,640

Eligible Long-Term Care Premium Limits

However, Medical deductions are limited.  For tax year 2022, the IRS allows a taxpayer to deduct their total qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross income.  In addition, the total of you combined itemized deductions must exceed the standard deduction.

For single taxpayers and married individuals filing separately, the standard deduction is $12,950 in 2022.

For married couples filing jointly is $25,900, and 

For heads of households, the standard deduction is $19,400.

To post medical expenses 

On the sidebar select Deductions & Credits

1. Scroll down to Medical
   1. HSA, MSA Contributions
   2. Medical Expenses
   3. Affordable Care Act (Form 1095-A)
2. Continue through the interview.

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