This year, a taxpayer who is more than 40 years old but not yet 50 may deduct only up to $710. That will go up to $730 in 2016. But there’s a catch to the good news.

“For most employed individuals, the deductible doesn’t come into play during their working years because they do not meet the level of health expenses that enable costs to be deducted,” Slome said.

Business owners or the self-employed may be able to qualify for the deduction when certain criteria are met, such as net profitability.

“Tax-advantaged long-term-care insurance remains one of the few remaining significant tax-savings benefits especially meaningful for small business owners,” Slome said. “C corporation businesses have special rules that allow long-term-care insurance to be completely deductible in most cases.”

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