Short answer: For 2026, premiums for a tax-qualified LTC policy count as medical expenses up to an age-based limit per person: $500 at 40 or under, $930 at 41 to 50, $1,860 at 51 to 60, $4,960 at 61 to 70, and $6,200 over 70. They are deductible only as part of itemized medical expenses above 7.5% of adjusted gross income.
The limit depends on the insured person’s age at the end of the tax year and applies to each person separately, so a married couple each have their own limit. For comparison, the 2025 limits were $480, $900, $1,800, $4,810 and $6,020. The IRS publishes the limits each fall in its annual inflation adjustment guidance; check it for 2027.
For most people, the deduction only helps if total itemized medical expenses exceed 7.5% of adjusted gross income, which is why the deduction matters most to retirees with large medical costs. Self-employed people can use the same age-based amounts in the self-employed health insurance deduction instead.
Only tax-qualified policies count, and LTC charges paid from a hybrid life or annuity policy’s cash value are not deductible.