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"Are insurance premiums deductable?"

  • Robin
    Posted: Jan 02, 2009 09:29 AM
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    Robin
    Tulsa, OK
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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?

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  • #1
    tomdavison
    Posted: Jan 03, 2009 10:26 AM
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    tomdavison
    Columbus, OH
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    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.

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