Premiums for “qualified” long-term care insurance policies (explained in further detail below) are tax-deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 7.5 percent* of the insured’s adjusted gross income. What are the limits to this and what constitutes a “qualified” policy? Keep reading to find out more.
IRS Issues New Rules for Long-Term Care Premium Deductibility Limits for 2019
*The 7.5 percent threshold is for the 2017 and 2018 tax years. It is scheduled to revert to 10 percent in 2019.
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