LONG TERM CARE INSURANCE

Colorado allows a $150 credit for long term care insurance. This applies to a single individual with federal taxable income of less at $50,000 or to joint returns with federal taxable income of less than $100,000(assuming there are 2 policies or for a joint policy that covers each individual separately).

The allowable amount of long term care insurance can also be deducted as "self employed health insurance".

Other entities can pay for long term care insurance and deduct it just as they do health insurance.