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Long term care insurance is a medical expense that can be deducted as part of medical expenses on Schedule A. But there is a ten percent of adjusted gross income that medical expense must exceed so few actually get any benefit unless there are other medical expenses.
Also, there is a limit on the amount to be added to medical expense based on age.
For details, see http://www.irs.gov/publications/p502/ar02.html#en_US_2012_publink1000178974
"A qualified long-term care insurance contract is an insurance contract that provides only coverage of qualified long-term care services. The contract must:
Be guaranteed renewable,
Not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed,
Provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract must be used only to reduce future premiums or increase future benefits, and
Generally not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer, or the contract makes per diem or other periodic payments without regard to expenses. "
A rider to a life insurance contract would not be an insurance contract that provides only coverage of qualified long-term care services and may or may not qualify under the other items that have to be true of qualified long term care contracts for tax purposes.
Please ask if you need more information or discussion.
Thought it might be important or useful for you to know that although the extra premium for the long term care rider is not deductible any payments to you under that provision will not be taxable to you.
"Tax Favored LTC Riders Allowed on Life and Annuity Contracts.
Section 844 of the Pension Protection Act of 2006 (PPA 2006), effective after 2009, will allow for life insurance and annuity contracts to carry a long-term care insurance rider on a tax-favored basis. Under the new Code Section 7702B(e)(1), such riders will be treated for tax purposes as a separate contract. This allows the general Code Section 7702B(b) tax-favored treatment of qualified long-term care insurance policies to apply - even though the coverage is actually in the form of a rider on another and different type of policy.
Deduction Denied: Under the new Code Section 7702B(e)(2), any payments for long-term care insurance deducted under a life insurance or annuity contract will be denied an IRC Section 213(a) medical expense deduction for premiums paid."