What Are The Qualifications For The Tax Deduction?

Free Insurance Quote Comparison

 Secured with SHA-256 Encryption

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Full Bio →

Written by

UPDATED: Jul 15, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

Subject to dollar limitations, premiums paid for qualified long term care policies are deductible as a medical expense. (In this regard it should be noted that policies issued prior to 1997 are automatically considered to be qualified if they meet state requirements.)

In order to benefit from the deduction, you must itemize your deductions rather than take the standard deduction. In addition, only medical expenses in excess of 7.5% of adjusted gross income are deductible. The dollar limitation on the deductibility of premiums varies by age: $370 for ages 40 or younger, $700 for ages over 40 but not more than 50, $1,400 for ages older than 50 but not more than 60, $3,720 for ages over 60 but not more than 70, and $4,660 for those over 70.

Free Insurance Quote Comparison

Enter your ZIP code below to compare cheap insurance rates.

 Secured with SHA-256 Encryption