Taxpayers who are self-employed may be eligible to deduct premiums that they pay for medical, dental, and qualifying long-term care insurance coverage for themselves, their spouse, and their dependents. For self-employed individuals filing a Schedule C (Form 1040) or Schedule F (Form 1040), a policy can be either in the name of the business or in the name of the individual. Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction.
You can only claim the health insurance premiums write-off for months when neither spouse was eligible to participate in an employer-subsidized health plan.
See the IRS Instructions for Form 7206 and this TurboTax tips article for more information.
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