If you pay long-term care premiums, you may be missing a tax deduction.

Long-term care premiums are considered an individual medical expense by the IRS. They can be deducted, but only if they, along with other qualified medical deductions, exceed 10 percent of a taxpayer's adjusted gross income. If you are 65 or older, however, that threshold is reduced: You can deduct medical and dental expenses that are more than 7.5 percent of your adjusted gross income. Hitting the threshold also becomes easier when a person retires because income typically falls.

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How much of your premiums you can deduct once you hit the threshold depends on your age at the end of 2013. Adults 70 or older can deduct up to $4,550 in premiums paid in 2013. Individuals

60 to 69 can deduct up to $3,640, according to the American Association for Long Term Care Insurance. For information on IRS medical deductions, go to bit.ly/irs-medical.