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Find out whether premiums for long-term care policies are deductible.
A: Yes. Businesses are permitted to deduct premiums up to fixed dollar amounts, which are set based upon the age of each employee insured.
For an individual purchasing a policy, premiums are only deductible to the extent that they exceed 7.5% of adjusted gross income. It is deducted on Schedule A attached to the 1040 form.
Send your money management questions to firstname.lastname@example.orgAnswers to our readers' questions were provided by Medical Economics adviser David J. Schiller, JD, Schiller Law Associates, Norristown, Pennsylvania.