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jamcat08
New Member

Can I use these health insurance premiums as business expenses?

I have a small business that will show a profit in 2016. I also receive social security and have just started on medicare. Part of the year I had private insurance, for another part of the year I paid to be on my wife's employee plan. For one month I paid for a medicare supplement and for part D. Can any or all of these health insurance premiums be used as business expenses??


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Accepted Solutions
MinhT
Expert Alumni

Can I use these health insurance premiums as business expenses?

You can only deduct self-employed health insurance if the policy is in your name or the business' name. Your private insurance premiums and your part B and D Medicare supplement count, but your wife's employee plan does not count.

Please read this IRS document for more information:

https://www.irs.gov/uac/newsroom/dont-miss-the-health-insurance-deduction-if-youre-self-employed


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2 Replies
MinhT
Expert Alumni

Can I use these health insurance premiums as business expenses?

You can only deduct self-employed health insurance if the policy is in your name or the business' name. Your private insurance premiums and your part B and D Medicare supplement count, but your wife's employee plan does not count.

Please read this IRS document for more information:

https://www.irs.gov/uac/newsroom/dont-miss-the-health-insurance-deduction-if-youre-self-employed


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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jamcat08
New Member

Can I use these health insurance premiums as business expenses?

Thank you.  Exactly what I needed.
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