Deducting Medicare premiums

[LillyRose]

My husband works full time with the federal government.  He is 75. I am 70.  We both have Medicare Part B, C and Supplement.   Am I able to deduct the premiums.   Our Medicare statements report the B.  I'm not sure on the C, but am I able to deduct the supplement policy?

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[Cindy4]

In short, yes, if you are itemizing any medical insurance premiums, including medicare and supplements, are deductible.   For medical expenses to even begin to be deductible though they must exceed 7.5% of your adjusted gross income. In that event, you would also have to have enough itemized deductions to exceed the standard deduction, which for 2023 is $30,700 for married filing jointly when both are over 65.  This would include things like charitable donations, mortgage interest, and property taxes.  Yes, if you are itemizing any medical insurance premiums, including supplements, are deductible.   

Hope this helps!

Cindy

[LillyRose]

so are you saying the premiums are only deducted as a medical expense under the 7.5% rule: meaning they are not deductible at all?  I'm thinking we must be foolish to not take the federal government insurance then and drop our Medicare.  Our premiums are nearly 600.00 a month with the Medicare B,D and supplement. Because of our income, we pay more than the standard Medicare premium each month. 

[Cindy4]

Unless you are self-employed and filing a Schedule C, the premiums would only be deductible on Schedule A as an itemized deduction subject to to eh 7.5% rule.  If you're filing a Schedule C they are eligible to be claimes as the Self-Employed Health Insurance deduction.

[Terri Lynn · Accepted solution]

Hello, Lilly Rose, and thanks for joining us!

Yes, you can deduct your premiums for your supplemental insurance as a deductible medical expense. Since you are getting Social Security benefits, you will enter the amounts deducted for your Medicare, part B, C, and D  directly from your SSA-1099 form , so you will not need to  re-enter these in the medical expense section. If you are paying for any other types of supplemental policy's not listed on the SSA-1099 form you will go to the medical expense section, under deductions and credits, to report these.  

For more information on deductible medical expenses, see:

• The Ultimate Medical Expense Deductions Checklist 
• Are Medical Expenses Tax Deductible? 
• Medical and Dental Expenses IRS Topic 502 

Please feel free to reach backout with any additional questions or concerns you might have!

Have an amazing rest of your day!

Terri Lynn, EA

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[LillyRose]

Thank you for your answer and the helpful links.