Guide to Elder Planning, A: Everything You Need to Know to Protect Yourself Legally & Financially

96 A GUIDE TO ELDER PLANNING

money spent for medical care would qualify for such treatment, but so

would transportation costs of trips primarily for medical care.

Payments for premiums for qualified long-term care policies are treated

as any other unreimbursed medical expense for purposes of income tax

deductions, which means that they are not deductible until the total of

your unreimbursed medical expenses is more than 7.5% of your

Adjusted Gross Income. The amount of the premium you may use for

determining your deduction depends on your age. The limits for deduc-

tions in 2003, the year in which this book is written, are as follows:

Nursing home costs ...