What is the Long-Term Care Policy Premiums Deduction?
You may take a deduction for the amount of premiums paid for Indiana partnership long-term care insurance.
Important: The Indiana partnership policy will have the following box of information on the outline of coverage, the application, or the front page of the policy:
|This policy qualifies under the Indiana Long-Term Care program for Medicaid Asset Protection. This policy may provide benefits in excess of the asset protection provided in the Indiana Long-Term Care program.
If the information shown in the box above is not located in a box on your policy, you do not have a qualifying policy, and are not eligible to take this deduction.
The deduction is the amount of premiums paid during the year on the policy for the taxpayer and/or spouse.
No double benefit is allowed. Certain self-employed individuals will claim these premiums as a deduction on federal Form 1040
. The Indiana deduction will be the actual amount of these premiums paid, minus any amount of these already reported on federal Form 1040
Keep a copy of the premium statements as the Department can require you to provide this information.
More information about this program is available at Indiana's Department of Revenue website.