Yes, if you are paying the insurance premiums with out of pocket funds, you can deduct the premiums paid as an eligible medical expense on Schedule A as an itemized deduction.
You can only deduct the amount of medical expenses that greater than 10% of your Adjusted Gross Income if you are under the age of 65 (7.5% if you are 65 or older).
Your total itemized deductions must be greater then the standard deduction for your filing status to have any tax benefit.
To enter your insurance premiums, you should enter it as a personal medical expense (on the Enter Insurance Premiums screen which is near the end of the medical expenses interview) by following the directions below:
Medical, dental, and vision expenses are reported on Schedule A and entered in the Deductions & Credits section:
Open your tax return. (To do this, sign in to TurboTax and click the orange Take me to my return button.)
Search for Schedule A and then click the "Jump to" link in the search results.
Answer Yes on the Did you have any medical expenses in 2016? screen.
You will then be prompted to enter your medical expenses, starting with prescriptions.
