Partners in a partnership and LLC members may be able to deduct all the medical, dental and qualified long-term care insurance paid on their behalf and on their family. In order to deduct the premiums:
- The policy must be in the name of the company, partner or member.
- The premiums must be paid by the company and reported on the K-1 as guaranteed payments to the partner or member.
- If the partners or LLC members have paid the premiums, the company must reimburse them for the cost.