Can I Write Off Long Term Care Insurance? 
I assume that the question is : `` Can I take the premiums I pay for long-term care insurance -LRB- LTCi -RRB- and deduct all or part from my income tax return ? '' The answer to that question is `` Possibly '' . The IRS permits a non-business owner to applya portion of the premium paid for LTCi to the medical expenses section of Section A. There 's a cap on how much one can apply to `` medical expenses '' in this part of Schedule A . It goes up every year . Here 's the current table for 2013 : If you are 40 , or younger , you can apply $ 360 of your premium to `` medical expenses '' . More than 40 , but no more than 50 , $ 680 More than 50 , butno more than 60 , $ 1360 More than 60 , but no more than 70 , $ 3640 More than 70 , $ 4550 The maximum one used to be able to totally deduct for `` medical expenses '' on Schedule A had to exceed 7.5 % of adjusted gross income -LRB- AGI -RRB- . I believe that is now 10 % of AGI , or soon will be . One can check for this information at WEBSITELINK . If addingthe maximum allowable LTCi premium amount from the table above to the `` medical expenses '' of Schedule A does not push your total expensesover 10 % AGI , no deduction is allowable . But , if it does , you can only deduct that amount that exceeds 10 % of AGI . If you are a business owner , there are severaloptions for deducting LTCi premiumsother than using the Schedule A formulas and threshold . Most tax preparation software and certainly professional tax advisors will show how one might deduct LTCi premium payments , depending on how the business is set up -LRB- sole proprietorship , S-corp , C-corp -RRB- for tax purposes . Under current tax code , C-corps have the most generous allowances for deducting the payment of LTCi premiums by the company . Legislation for 100 % deduction of LTCi premium payment was in committee in Congress at the time of the terrorist attacks of 9/11/2001 . That event put virtually all increasedallowances and tax incentives for private purchase of LTCi on hold . No legislation is currently pending to change the in force formula shown above . It will increase in 2014 and forward for as long as Congress allows . At this writing , a special commission on the federal government 's involvement in supporting the height costs of long-term care for the elderly is being debated and testimony is being received from elder-care professionals . So far , little has been discussed about the role of privately owned LTCi as part of a solution for the coming crisis of those in the baby-boomer generation `` taking too long to die '' . No part of this answer is intended to be tax advice . Consult with a qualified tax professional before making any decisions regarding the purchase of financial instruments or insurance policies and the tax treatment thereof . 