I am retired, but not on Medicare yet. Can I deduct my Health Care Plan premiums as a Medical Expense?

[sas-bengston]

I have been paying for a private Cobra plan thru my former employer.

[IreneS · Accepted solution]

Yes - You can deduct your Cobra payments for health insurance. Please keep in mind the following about deducting your medical expenses:

• You don't get the benefit if you are taking the standard deduction.
• If you itemize deductions, you will only be able to take total medical expenses that are greater than 7.5% of your adjusted gross income.

To enter your medical expenses in TurboTax, please follow these steps:

1. Click on Federal Taxes > Deductions & Credits  [In TT Self-Employed:  Personal > Deductions & Credits > I'll choose what I work on].
2. In the Medical section, click on the Start/Revisit box next to Medical Expenses.  
3. TurboTax will then ask you if your total medical expenses exceed a certain number.  [That's the 7.5% AGI mentioned above.] 

If you think your total medical expenses will exceed that number, continue through the interview, entering the requested information on your medical expenses

[Edited | 3/13/2020 |  1:08pm PDT]

[danielgannon]

Good to know. I spent over $8,000 on my individual COBRA since I retired before 65.