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.
This article is for informational purposes only and shall not be construed as legal advice. No attorney-client relationship between the reader and Brennan & Rogers, PLLC, or its attorneys is intended. This article should not be used as a substitute for legal advice. Laws may vary from state to state, and the educational materials found in this article may not apply in all jurisdictions.
Brennan & Rogers, PLLC | 279 York Street, York, ME 03909 | 207-361-4680 | admin@brennanrogers.com