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I am thinking about taking out a long-term care insurance policy. Does anyone know if you can deduct premiums as a medical expense?
Yes, they are. There's a graduated schedule:
Qualified long-term care premiums up to the amounts shown below for 2008:
Age 40 or under – $310.
Age 41 to 50 – $580.
Age 51 to 60 – $1,150.
Age 61 to 70 – $3,080.
Age 71 or over – $3,850.
Do you have some thoughts to add or some advice to give?
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