Eligible Long-Term Care Premium Limits

For 2022, the maximum amount of qualified long-term care premiums includible as medical expenses has increased. Qualified long-term care premiums, up to the amounts shown below, can be included as medical expenses on Form 1040, Schedule A, Itemized Deductions or in calculating the self-employed health insurance deduction:

• Age 40 or under: $450
• Age 41 to 50: $850
• Age 51 to 60: $1,690
• Age 61 to 70: $4,510
• Age 71 and over: $5,640

Itemized Deductions – Medical Expenses

The medical expense deduction threshold is 7.5% of adjusted gross income (AGI).