Is long-term care insurance tax-deductible?

Premiums paid for LTC insurance may be eligible for tax deductions as a form of medical expense. In order to qualify for this kind of deduction, your LTC insurance premiums and other un-reimbursed medical expenses must exceed 10% of your adjusted gross income. The maximum amount of premiums that you can deduct for a given year depends on your age and will increase over time. In 2017, the limit on how much could be deducted ranged from $410 for those 40 or younger all the way up to $5,110 for people 71 and older.

It should be noted that these deductions are only possible with LTC insurance plans that are tax-qualified (TQ). Such plans must meet certain federal standards and are required to be labeled as such when they are offered. The majority of LTC insurance plans on the market today are tax-qualified. If you are unsure whether the plan you are looking at is a TQ plan, contact your agent or the insurance company. Tax-qualified versus non-tax-qualified plans are discussed in further detail in our article “Things to Look out for When Choosing a Policy”.

Next

How do long-term care insurance tax deductions work for those who are self-employed?

Find Local Doctors & Most Popular Plans
Secure Form
Find Local Doctors & Most Popular Plans
PLUS, Receive 2 FREE Books -
Long-Term Care Insurance & Preventing Dementia

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

Find Local Doctors & Most Popular Plans

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

PLUS, Receive 2 FREE Books -
Long Term Care Insurance & Preventing Dementia

Privacy Notice:. This website is a part of the Quick Health Insurance Network. By submitting this form, I consent to be contacted by one or more of the companies listed below*** regarding their products and services at the phone number/email provided, including my wireless number if provided. Contact methods may include phone calls generated using automated technology, prerecorded voice, text messaging and/or email. I understand that consent is not a condition of purchase. I also have read and agree to the Terms and Conditions and Privacy Policy of this website.

By completing the contact form above or calling the number listed above, you will be directed to a licensed sales agent who can answer your questions and provide information about Medicare Advantage, Part D or Medicare supplement insurance plans for now or in future. Agents are not connected with or endorsed by the U.S. government or the federal Medicare program.

If requesting health insurance: *** Aetna, AHCP, American Family, American Republic, Anthem / BCBS, Assurant, Cigna, Fortis, Golden Rule, GHI, Health Net, HealthMarkets / Insphere, Humana, Kaiser, Mutual of Omaha, United Healthcare, Universal American, WellPoint.

If requesting medicare supplement: *** AIG, Aetna, American Continental, American Republic, Amerilife, Anthem, Assurant, Bankers Life and Casualty, Blue Cross Blue Shield, CIGNA, Coventry, eAmerifamily, Genworth, Gerber, Golden Rule, HealthMarkets, Highmark, Humana, Kaiser, Mutual of Omaha, Secure Horizons, SelectQuote, Sterling, United Medicare Advisors, United Healthcare, WellPoint, Precise Leads and Choice Direct, TZ Insurance Solutions LLC, Insphere, Health Plan One, Medicare Solutions, and Allied Insurance.

If requesting Auto Insurance: *** 21st Century, AAA, Acceptance, AIS, Allstate, American Family, AIG, Amica, ANPAC, Answer Financial, Auto Owners, ClearLink, Consumer United, Direct Auto, Encompass, Erie, Esurance, Farm Bureau, Farmers, GEICO, GMAC/NGIC, Hanover, The Hartford, Kemper, Liberty Mutual, Mercury, Arkansas LTC, Nationwide, PemCo, Plymouth Rock, Progressive, Prudential, Safeco, Safeway, Safe Auto, Sentry, State Farm, The General, Travelers, Unitrin, USAA

If requesting homeowners insurance or renters insurance: *** Allstate, AAA, American Family, AIG, Chubb, Encompass, Erie, Esurance, Farm Bureau, Farmers, GEICO, GMAC Insurance, The Hartford, HomeInsurance.com, Liberty Mutual, Mercury, Progressive, Prudential, Safeco, Safeway, State Farm, Travelers, USAA

If requesting life insurance or long term care insurance: *** Allstate, American General, Ameriprise, Colonial Penn, Globe Life, Hartford Life, ING, John Hancock, Lincoln National, Mass Mutual, Arkansas LTC, New York Life, Northwestern Mutual, Pacific Life, Principal, Prudential, Genworth