I bought a single premium long-term care policy in 2016. How much can I deduct?

The amount of premiums for a long-term care policy that are treated as a deductible medical expense if you itemize deductions is based on your age as of the end of the year. The fact that you paid a lump sum for the policy does not change the amount deductible for the year in which you make the payment. Note: Check on special rules that may apply for state income tax purposes, which may be different from federal income tax treatment.