Long-Term Care Insurance Credit
You may claim the Long-Term Care Insurance Credit if you purchase insurance to provide long-term care coverage for yourself or your spouse, such as nursing home coverage.
To qualify, the policy you purchased must:
- Be eligible as a federal deduction (disregarding the 7.5% or 10% income test). For more information, review Internal Revenue Service Publication 502, Medical and Dental Expenses
- Have a lifetime benefit limit of $100,000 or more
The amount of the credit is 25% of the policy premiums, up to $100 per beneficiary. For married couples, separate policies or premiums are not required. One policy covering both spouses qualifies for the $200 maximum credit.