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densk [106]
2 years ago
6

When may an insured deduct unreimbursed medical expenses paid under a long-term care policy?

Social Studies
1 answer:
andrezito [222]2 years ago
7 0

When the expenses exceed a certain percentage of the insured's adjusted gross income.

What are deductible medical expenses?

Deductible medical costs may consist of, but are not limited to: fees that are paid to medical professionals such doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and alternative practitioners.

What is not considered a qualified medical expense?

  • The hospital insurance benefits tax is deducted from your paycheck and paid as part of your Social Security tax or your self-employment tax.
  • giving a good infant nursing care. Your doctor advised you to travel for rest or a change of scenery.

Are LTC expenses tax deductible?

  • If certain conditions are met, unreimbursed long-term care costs may be written off as a medical expense.
  • This covers allowable costs for personal care, nursing home, and assisted living services. The need for long-term care must first be justified medically.

Learn more about medical expense

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