Per IRS Publication 502,Long-Term Care (LTC) insurance premiumsare considered qualified medical expenses and may be tax deductible if the taxpayer’s total medical expenses exceed 10% of their adjusted gross income (AGI), subject to age-based limits on the deductible amount. Premiums for disability income insurance (group or personal) and accidental death and dismemberment (AD&D) insurance are not deductible as medical expenses, as they do not directly relate to medical care.
Option A: Correct. LTC insurance premiums are deductible as medical expenses, subject to limits.
Option B: Incorrect. Group disability insurance premiums are not deductible as medical expenses.
Option C: Incorrect. Personal disability income insurance premiums are not deductible.
Option D: Incorrect. AD&D insurance premiums are not deductible as medical expenses.
[:, Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: General Knowledge – Long-Term Care Policies)., IRS Publication 502 (Medical and Dental Expenses, LTC premiums)., Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing., ]
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