by | March 10th, 2017

As you complete your 2016 taxes please remember that if you have a long-term care insurance policy you may be eligible to deduct a portion of your premiums.

As an individual, long-term care premiums along with other medical expenses are considered tax deductible if they exceed 10% of your adjusted gross income (7.5% for ages 65 and older).

As a business owner or self-employed individual, you can deduct 100% of “qualified” long-term care insurance premiums up to the 2016 eligible premium for both you and your spouse.

Up to age 40                       $390
41-50                                     $730
51-60                                     $1460
61-70                                     $3900
Over 70                                $4870

For additional clarification or if you are interested in long term care insurance please don’t hesitate to call our office, 703-760-4630.