Is the cost of health insurance deductible?

[Rachel_W · Accepted solution]

Yes, if you are itemizing your deductions on Schedule A, you can deduct your out of pocket costs for Health Insurance. Keep in mind, you cannot deduct any pre-tax Health Insurance premiums withheld from your paycheck.  If you are retired you can deduct any after-tax Health Insurance Premiums paid through your retirement plan and Medicare paid through your Social Security Benefits.

The amount of your medical expenses in excess of 7.5% of your adjusted gross income will be a deduction on your Schedule A. For more details, check out this TurboTax  Can I Deduct Medical, Dental & Vision Expenses?

You can check out this TurboTax FAQ for more information on what other medical expenses are deductible: What kinds of Medical Expenses are Deductible?

If deductible, you can enter your health insurance premiums, as well as any other medical expenses, in the "Deductions and Credits" section of TurboTax: 

• Login to your TurboTax Account 
• Click "Take Me To My Return"
• Click "Federal" from the left side of your screen
• Click the "Deductions and Credits" Tab near the top of the screen
• Scroll down and click "Show More" next to "Medical"
• Click "Start" next to Medical Expenses
• From here, TurboTax will walk you through the process of entering your Medical Expenses

[ZzX97_Rb]

I'm retired, so can I deduct the Medicare supplement insurance?

[ZzX97_Rb]

I appreciate your informative post and directions of how to navigate Turbo Tax to get to the medical deductions. Thank you, Bob 

[LenaH]

Yes. Premiums for the other Medicare programs— such as Part B (supplemental medical insurance), Part C (Medicare Advantage), and Part D (voluntary prescription drug insurance)—are deductible. 

These premiums are reported on Schedule A and entered in the Deductions & Credits section.

1. With your return open, search for Schedule A and then select the Jump to link in the search results.
2. Enter your medical expenses, starting with prescriptions, on the following screens.

Please keep in mind that you can deduct the portion of medical expenses that exceeds 7.5% of your adjusted gross income (AGI) for 2021.

@ZzX97_Rb