Long-Term Care Insurance Contracts
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Long-Term Care Insurance Contracts
Under the law, you can exclude from gross income amounts received under a long-term care insurance contract for long-term care services. You can also exclude employer-provided coverage under a long-term care insurance contract. Self-employed taxpayers can take long-term care insurance premiums into account in calculating their health insurance deduction. Unreimbursed long-term care services and long-term care insurance premiums are treated as deductible medical expenses subject to current limitations.
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