Taxpayers who are self-employed may be eligible to deduct premiums that they pay for medical, dental, and qualifying long-term care insurance coverage for themselves, their spouse, and their dependents. For self-employed individuals filing a Schedule C (Form 1040) or Schedule F (Form 1040), a policy can be either in the name of the business or in the name of the individual. Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction.
You can only claim the health insurance premiums write-off for months when neither spouse was eligible to participate in an employer-subsidized health plan.
See the IRS Instructions for Form 7206 and this TurboTax tips article for more information.
Thank you for your reply, but I need to know if we can deduct the Obamacare premiums since the policy is in
my ( the wife's) name and the self-employed income is generated by my husband and he is on Medicare.
I am pretty confident that he can deduct his Medicare and Advantage Plan premiums that cover him but what about the Obamacare premiums for me for a plan in my name only?