Long-term care insurance premiums are partially deductible, with limits based on your age. In 2024, someone aged 50-60 can deduct up to $1,560 of premiums. This is one of the few insurance costs the IRS allows you to claim, and many taxpayers have no idea it exists. If you're already paying for long-term care coverage to protect your assets, you might as well reduce your tax bill in the process. Check the IRS limits for your age bracket—they increase yearly.