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Old 01-19-2008, 02:37 PM
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Are Long Term Health Insurance Premiums deductible?

I was wondering if my long term health insurance premiums are deductible on my tax return, and also on what schedule may I able to claim these deductions?

Thanks..



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Old 01-19-2008, 05:21 PM
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Long term care insurance premiums are deductible as a medical expense on schedule A, for itemized deductions, that is assuming you have enough to itemize your deductions and do not take the standard deduction. The deduction for long term care insurance premiums is based on your age during the tax year of the deduction. And then only the total medical expenses which are more than 7.5% of your adjusted gross income are deductible. As far as the amount that could potentially be deductible for your long term care premiums for 2007, it is a follows:

For an individual whose attained age before the close of the tax year is:

... 40 or less, the limit is $290 for 2007 ($310 for 2008);
... more than 40, but not more than 50, the limit is $550 for 2007 ($580 for 2008);
... more than 50, but not more than 60, the limit is $1,110 for 2007 ($1,150 for 2008);
... more than 60, but not more than 70, the limit is $2,950 for 2007 ($3,080 for 2008);
... more than 70, the limit is $3,680 for 2007 ($3,850 for 2008). ( Code Sec. 213(d)(10) ) FTC ¶ K-2141.1 ; USTR ¶ 2134.075 ; Tax Desk ¶ 346,303



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Old 01-19-2008, 05:43 PM
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Deductiblity of Long Term Health Insurance?

Thank you so much for your response! PK-EA!!

I guess that means my entire premium will not be deductible it seems and furthermore, what you are saying is that medical expenses must exceed 7.5% of my adjusted gross income!

So, if my AGI is $150,000, what you are saying is that my combined allowable medical expenses must exceed $11,250 (7.5% x 150,000) and only that amount that is in excess of $11,250 is deductible!!!!

Thats not fair!! Most average taxpayers will not be able to deduct anything!!



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Old 01-21-2011, 01:40 PM
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Please review the link below to determine the amounts that are deductible in 2011.

The limits on deducting long term care premiums increase in 2011!

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Ask TaxGuru Please refer to the legal disclaimer.


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Old 09-06-2011, 04:57 AM
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Group Health insurance For Self-Employed

Group medical health insurance for the actual self-employed is one method to get coverage for the family, and when you’re possessing employees, appeal to good workers. While it may seem you need to be large to locate affordable coverage for you personally and your own employees, it’s obtainable in many various forms from reasonable costs.
When you’ve your personal group insurance coverage, then you are able to take it from your earnings, and it does not have in order to pass the actual 7. 5 % rule with regard to health breaks on Routine A. With group medical health insurance for the actual self-employed, you obtain the deduction even without having enough in order to itemize your own deductions.
Most insurance providers pool their own smaller companies together to obtain competitive prices for his or her group medical insurance for self-employed people.
By pooling numerous smaller organizations together, the company gets a chance to make use of the combined many individuals.
Select one of several different programs. Group medical health insurance comes in a number of forms. Most of the plans help to keep the price of the high quality lower. You should use managed treatment plans such as HMO’s or even PPO’s that reduce premiums. The insurance provider negotiates agreements with doctors along with other health treatment professions to create a financial savings for everybody. Divided the high quality. If you decide on a group arrange for your workers, you do not have to pay the whole premium however can split the price with your own employees. Ask 2 or 3 insurance representatives which are group medical health insurance specialists to pick several companies in order to find a great rate. Ensure that you stipulate the actual coverage which means you have apple-to-apple comparisons and get how a lot the insurance providers need you to pay towards the employee’s healthcare premium. Always perform rate comparisons in case your premiums begin to skyrocket.


Last edited by savanahardy : 09-10-2011 at 01:15 AM.


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