It depends. You can include in your deductible medical expenses any insurance premiums you pay for medical policies. These premiums generally must be paid for with after-tax dollars to be deductible.
Please note that if you have any premiums that you share with an employer, then your share of those premiums are not deductible because they are generally paid for with pre-tax dollars. Since these earnings were never included in your gross income or taxed (premiums are usually paid for with pre-tax dollars), then you cannot have any tax benefits from the premiums.
The exception to this rule is if your premiums are included on your Form W-2, Wage and Tax Statement. Then, your monthly premiums are tax-deductible. Can I deduct health insurance premiums taken from my paycheck?
Medical, dental, and vision expenses are reported on Schedule A and entered in the Deductions & Credits section. You can deduct the portion of medical expenses that exceed 7.5% of your adjusted gross income (AGI) for 2021.
- With your return open, search for Schedule A and then select the Jump to link in the search results.
- Enter your medical expenses, starting with prescriptions, on the following screens.
Lastly, if you are self-employed, you may be able to deduct medical, dental, and long-term care insurance premiums for yourself, your spouse, and your dependents if you or your jointly-filing spouse is self-employed. There are two ways to do this: through the self-employed health insurance deduction or as an itemized deduction. For more information, please see Can I deduct health insurance premiums if I'm self-employed?
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