Yes, the insurance premiums and premium tax credit payback amount is deductible as medical expenses in 2020. However, the medical expense deduction is limited to the amount over 7.5% of your adjusted gross income.
For most tax filers, you need to have paid in 100% of your income tax liability for the current year or 90% of the liability for the previous year on a timely basis to avoid a penalty for late payment of tax, so you probably will get a penalty but it may be less than what you think, as you may have paid in enough tax based on your previous year tax.
You will have to do the math to see if the credit card points are more than the fee charged by the IRS to pay by credit card.
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