Are premiums for long-term care insurance deductible?
Premiums for qualified* long-term care insurance policies are deductible on your 2015 federal taxes (if you itemize) up to these per-person amounts. Like any other medical expense, you have to itemize to get the deduction.
- $380 – under age 41 as of 12/31/2015
- $710 – age 41–50 as of 12/31/2015
- $1,430 – age 51–60 as of 12/31/2015
- $3,800 – age 61–70 as of 12/31/2015
- $4,750 – age 71 or higher as of 12/31/2015
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.
*A qualified long-term care insurance policy is guaranteed renewable, has no cash surrender value, doesn't cover Medicare-reimbursed expenses, nor uses any refund to reduce future premiums (except in death or cancellation).