Can You Write Off Long Term Care Insurance?

1. 

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   Marcy Tooker

   Life & Health Insurance Agent, The Tooker Agency, Riverhead NY

   That is a question best suited for your tax adviser. It's not wise to take tax advise from an insurance agent. You don't mention whether your question relates to your personal tax return or if you are asking about a business deduction, whether this is a qualified long term care policy etc. These as well as other factors will determine the answer to your question, that is why it is important to discuss it with your accountant or tax adviser. Sorry I couldn't be more helpful.

   Answered on April 11, 2015

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2. 

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   Peggy Mace

   Most of the U.S.

   You can write off qualified long term care insurance premiums, up to a limit. The long term care policy itself must also meet certain guidelines. IRS Publication 502 goes into detail about the restrictions and eligibility to write off long term care insurance premiums. Contacting your tax adviser is much simpler.

   Answered on April 15, 2015

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