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Premiums paid for qualified long term care are deductible on Schedule A up to certain limits. For the long term care contract to be qualified it must meet the following conditions:
The amount of qualified long-term care premiums you can include is limited. You can include the following as medical expenses on Schedule A (Form 1040):
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One additional thing I forgot to mention.
When you itemize deductions, the cost of your long-term care insurance policy premiums, when added with other non-covered medical expenses must exceed 7.5 percent of your AGI, or adjusted gross income before a deduction is allowed.