- Revenue Cycle Management
- COVID-19
- Reimbursement
- Diabetes Awareness Month
- Risk Management
- Patient Retention
- Staffing
- Medical Economics® 100th Anniversary
- Coding and documentation
- Business of Endocrinology
- Telehealth
- Physicians Financial News
- Cybersecurity
- Cardiovascular Clinical Consult
- Locum Tenens, brought to you by LocumLife®
- Weight Management
- Business of Women's Health
- Practice Efficiency
- Finance and Wealth
- EHRs
- Remote Patient Monitoring
- Sponsored Webinars
- Medical Technology
- Billing and collections
- Acute Pain Management
- Exclusive Content
- Value-based Care
- Business of Pediatrics
- Concierge Medicine 2.0 by Castle Connolly Private Health Partners
- Practice Growth
- Concierge Medicine
- Business of Cardiology
- Implementing the Topcon Ocular Telehealth Platform
- Malpractice
- Influenza
- Sexual Health
- Chronic Conditions
- Technology
- Legal and Policy
- Money
- Opinion
- Vaccines
- Practice Management
- Patient Relations
- Careers
You can deduct some long-term care premiums
Learn the ins and outs of long-term care insurance.
Q: I work for a large multispecialty practice. Can I deduct the premiums I pay for long-term care insurance?
Premiums for qualified long-term care insurance policies will be treated as a medical expense and will be income tax-deductible to the extent that they, along with other unreimbursed medical expenses, exceed 7.5% of the insured's adjusted gross income (AGI).
The annual maximum amount that can be deducted for each individual depends on the insured's age at the close of the taxable year. These deductible maximums are indexed and increase each year for inflation.
Note that starting in 2013, the threshold to deduct medical expenses will increase from 7.5% to 10% of AGI. The threshold increase will be delayed until 2017 for those aged 65 or older. Also note that this information applies only to taxpayers who itemize deductions.
Send your money management questions to medec@advanstar.com. Answer provided by Lawrence B. Keller, CFP, CLU, ChFC, founder of Physician Financial Services in Woodbury, New York.
