What are the tax consequences of individual Medicare supplement policy premiums and long-term care premiums?

What are the tax consequences of individual Medicare supplement policy premiums and long-term care premiums?




a. Premiums are never tax-deductible. Premiums are only taxable if an individual_s unreimbursed medical expenses exceed 10% of their adjusted gross income.

b. Premiums are only tax-deductible if a person_s unreimbursed medical expenses exceed 10% of their adjusted gross income.

c. Premiums are only taxable if an individual_s unreimbursed medical expenses exceed 7.5% of their adjusted gross income.

d. None of the above



Answer: b. Premiums are only tax-deductible if a person_s unreimbursed medical expenses exceed 10% of their adjusted gross income.

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