Can I Deduct My Long Term Care Insurance Premiums? 
If you are self employed , you can deduct 100 % of your tax qualified long term care insurance premiums as a medical expense . There are federal tax deductible limits on how much premium can be deducted at each age , ranging from $ 360/year at under age 40 to $ 4,55 / year at over age 70 . An individual can add LTC premiums with medical expenses , and the amount of that total that exceeds 10 % over adjusted gross income is tax deductible . After age 65 , the amount that exceeds 7.5 % over AGI is deductible . 