No, this is not deductible.
It's the amount your Employer paid, from your pre-tax Gross compensation, for your health care coverage.
Since the money was never yours to spend in any other way, it was not yours - it was your Employers - and entering your W-2 as written is the only thing you do with that amount.
It does not affect anything on your return in any way; It's just a Government way of tracking employer provided health care costs and coverage.
