Long Term Care Certification Practice Test

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Prepare for your Long Term Care Certification Test. Study with flashcards and multiple choice questions, complete with hints and explanations for every question. Get ready to excel in your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

For personal long-term care insurance, which portion of premiums is deductible?

5% of adjusted gross income
10% of adjusted gross income
15% of adjusted gross income
20% of adjusted gross income

The correct answer is: 10% of adjusted gross income

The correct answer reflects that individuals can deduct long-term care insurance premiums on their taxes based on their adjusted gross income (AGI). Specifically, taxpayers can deduct the amount of long-term care insurance premiums that exceeds a certain percentage of their AGI. This percentage is 10%, meaning that if the total premiums paid exceed 10% of an individual’s adjusted gross income, that excess can be deducted from taxable income. This deduction aims to provide some financial relief to individuals who purchase long-term care insurance, encouraging them to plan for potential future healthcare needs. Understanding this deduction is vital for individuals looking to maximize tax benefits while ensuring adequate long-term care coverage.