I am a co-owner of an S-Corp. My two children and I are on my wife's healthcare plan. Can we deduct the medical portion of healthcare that she pays?

Am I allowed to deduct my wife's insurance premium if I am a co-owner of an S-Corp?  We do not have a formal insurance plan for my company but I along with my two children are covered under my wife's plan.  I heard we can deduct but I'm not 100%.