For individuals who itemize their tax deductions, LTC insurance premiums can be deducted as a medical expense. But as with all medical-expense deductions, only those that exceed 7.5% of adjusted gross income are deductible.
For tax year 2013 the allowable deductions are:
40 or Less $370.
More than 40 but not more than 50 $700.
More than 50 but not more than 60 $1,400.
More than 60 but not more than 70 $3,720.
More than 70 $4,660