Yes, long term health insurance premiums are deductible.
"You can deduct premiums if your insurance:
- Only provides coverage of long-term care services
- Is guaranteed renewable
- Doesn’t provide for a cash surrender value or money that can be borrowed
- Requires that refunds (except due to death or complete policy cancellation) and dividends be used only to reduce premiums or increase benefits, and
- Doesn’t pay for items reimbursed under Medicare
There are limits for this deduction, depending on your age. Enter the amount you paid, and we'll automatically calculate your deduction for you.
Here are the qualified long-term care premiums you can deduct as medical expenses for 2016:
- age 40 or younger – up to $390
- age 41 to 50 – up to $730
- age 51 to 60 – up to $1,460
- age 61 to 70 – up to $3,900
- age 71 or older – up to $4,870 "
To enter it in TurboTax
:
- Click on the "Federal Taxes" tab
- Got to "Deductions & Credits"
- Scroll down to "Medical" and click on "Show More" to the right
- Click on "start" next to "Medical Expenses"
- Continue through that section until you get to the page that asks "How much did you spend on insurance premiums?", this is where you will enter your premium amount
