2015 Long-Term Care Premium Deductibility Limits
The Internal Revenue Service has announced the 2015 limitations on the deductibility of long-term care insurance premiums from taxes. Any premium amounts above these limits are not considered to be a medical expense and are not deductible.
| Attained age before the close of the taxable year | Maximum deduction |
| 40 or less | $380 |
| More than 40 but not more than 50 | $710 |
| More than 50 but not more than 60 | $1,430 |
| More than 60 but not more than 70 | $3,800 |
| More than 70 | $4,750 |
Benefits from per diem or indemnity policies, which pay a predetermined amount each day, are not included in income except amounts that exceed the beneficiary’s total qualified long-term care expenses or $330 per day, whichever is greater.
