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The LTC insurance premiums of tax qualified policies are regarded as medical expenses based on IRS guidelines. Tax deductions can be done of your medical expenses reached more than 7.5% of your adjusted gross income. The exceeding costs can be declared as an itemized deduction on Schedule A. Here's more about the question, Can You Deduct Long Term Care Insurance Premiums?

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Most long term care insurance policies are tax qualified which means a lot of people can take advantage of this tax deduction. Long term care insurance costs are described as expensive and can go anywhere between $1,000 to $7,000 annually according to http://www.ltcoptions.com/long-term-car ... ance-costs. These tax deduction is definitely good news to people who want to save money when purchasing long term care insurance. Thanks for sharing this informative video, which can somehow encourage people to push through with their insurance application and teach them how to save money while getting covered.