Long Term Care Insurance Premiums (code 75)

You may only deduct amounts paid for long-term care insurance policies during the tax year to the extent the amounts paid for premiums were not deducted on your federal income tax return.

Long-term care insurance policy means any insurance policy designed to provide coverage:

For not less than 12 consecutive months; and
For medically necessary services provided in a setting other than an acute care unit of a hospital.

The term “long-term care insurance policy” includes group and individual annuities and life insurance policies or riders that provide or supplement long-term care insurance. The term also includes a policy or rider that provides for payment of benefits based upon cognitive impairment or the loss of functional capacity.

A long-term care insurance does NOT include any insurance policy that is offered primarily to provide:

Basic Medicare supplement coverage,
Basic hospital expense coverage,
Basic medical-surgical expense coverage,
Hospital confinement indemnity coverage,
Major medical expense coverage,
Disability income or related asset-protection coverage,
Accident only coverage,
Specified disease or specified accident coverage, or
Limited benefit health coverage.