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Do i have to claim reimbursement for my medicare part b premium

do i have to claim medical reimbursement for my medicare part b premium
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3 Replies
MonikaK1
Employee Tax Expert

Do i have to claim reimbursement for my medicare part b premium

Do not claim your Part B premium as a deductible medical expense to the extent that you are expecting it to be reimbursed, such as by an insurance company.

 

You deduct your final cost after insurance proceeds. To be tax deductible, medical expenses must not be reimbursed. In other words, if your insurance company pays for your expense (or reimburses you for an expense that you initially laid out), such expenses are not deductible. It must be genuinely “out of pocket” in order for you to have a tax-deductible medical expense. If you pay part and your insurer pays part, the portion you pay is deductible.

 

See this article for more information regarding deductible medical expenses.

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Do i have to claim reimbursement for my medicare part b premium

Who is reimbursing you?  A former employer?  Current employer?  Such payments on your behalf may or may not be taxable income, depending on who is paying and why.  We need more information.

 

Separately, if the reimbursement is tax-free for some reason, you can't deduct your premiums as a medical expense.  But if the reimbursement turns out to be includable as taxable income, then you can still list the premiums as a deductible medical expense.  

Do i have to claim reimbursement for my medicare part b premium

I appreciate your response. It ended up being a wash since my standard deduction far exceeded the itemized.

Thank you

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