Qualified Long-Term Care Insurance premiums are deductible as itemized medical deductions as follows: Age 40 and under $320.00, Age 41-50 $600.00, age 51-60 $1,190.00, Age 61-70 $3,180.00, Age 71 and over $3,80.00. A lot of people do not realize that in many cases Long-Term Care Insurance can be use for in home care. Joe is a tax advisor, Investment advisor and holds an insurance license in Texas.