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Are premiums paid for HIP plus deductible as medical expenses?

 
1 Reply
CathiM
New Member

Are premiums paid for HIP plus deductible as medical expenses?

Yes,  medical expenses include the premiums you pay for insurance that covers the expenses of medical care. Any expenses you paid for deductibles and out-of-pocket expenses are part of medical expenses. You can include amounts you pay for transportation to get medical care. Medical expenses also include amounts paid for qualified long-term care services and limited amounts paid for any qualified long-term care insurance contract.

However, to claim these expenses you must itemize your using Schedule A and the total must exceed 7.5% of your AGI. 

Here is link to help you know if you can itemize instead of taking the standard deduction: https://www.irs.gov/newsroom/itemizing-vs-standard-deduction-six-tips-to-help-you-choose

For more information about medical expenses, click on this link to IRS Publication 502: https://www.irs.gov/pub/irs-pdf/p502.pdf

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