Here’s a hidden secret for those in the market for LTCI: If you’re self-employed, any coverage you purchase (for yourself and your spouse) is fully tax-deductible. This is a pretty big perk. If you’re instead buying long-term care insurance as an individual, premiums are deductible as medical expenses only after they exceed 7.5 percent of your adjusted gross income. In addition, individuals are subject to an age-related premium limit on how much is potentially deductible, from $640 per year for those in the 41-50 age bracket to $4,240 for those age 70+. Self-employed folks still face this second restriction, but the 7.5 percent rule doesn’t apply, which means the savings could be significant.

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