Can Long Term Care Insurance Premiums Be Deducted? 
Disclaimer : The following answer is not to be considered tax advice . Contact a qualified tax professional before making any financial decision . Yes , long-term care premium payments may be tax deductible . It depends on the tax status of the individual or business entity filing an IRS tax report . The IRS annually publishes the limits on the amount of premium that can be entered into the tax return and where to enter that amount for consideration of tax deductibility . For non-business consideration , that would currently be `` Medical expenses '' in Schedule A . If by adding the allowable portion of the LTCi premium to Medical expenses causes the total amount of medical expenses to exceed the threshold -LRB- formerly 7.5 % of AGI , going forward 10 % of AGI -RRB- , then the amount beyond that threshold may be deductible . If not , then the allowable portion of the LTCi premium would not qualify for deduction . For business consideration , the portion of the premium allowable for possible tax deductibility is usually reported on Schedule C . At the present time , only a C-corporation may have 100 % of the LTCi premium considered for deductibility . The allowable amounts of LTCi premium for tax deductible consideration are age-based . For insured-ages 40 and under , the published allowable amount of the LTCi premium for 2013 is $ 360 . For those ages 71 and over , the published allowable amount of the LTCi premium for 2013 is $ 4550 . Between that minimum and maximum are various age brackets with different allowable amounts . Those amounts will be adjusted for income-tax-year 2014 and each year thereafter , under current tax law . Tax preparers , accountants , tax attorneys , and tax-preparation software are informed and are updated for each tax year . 