Long-term-care Health Premiums

Payouts under these policies are tax free up to $320 a day.

The amount of premiums are deductible on Sch A, under the Medical section, depending on age. Don’t forget, this is only useful if total medical expenses exceed a percentage of your adjusted gross income. In 2013 that percentage will depend on age ( 7.5% for 65 and over, 10% for those under 65).

1. Age 71 and older: $4,550 per person.
2. Age 61-70: $$3,600 per person.
3. Age 51-60: $1,300 per person.
4. Age 41-50: $680 per person.
4. Age 40 and younger: $360 per person.

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