Medical expenses

[tc2961]

I am retired and on a OBAMA Health Insurance Plan, are the health insurance premiums considered Medical expenses?

[Corrlich44]

Hi tc2961,

Yes, all health insurance premiums you pay that are reported on an annual Form 1095-A are considered a medical cost or deduction. If you additionally wish to use it as a Medical Expense for Itemized Deductions purposes (as long as all your medical related costs exceed 7.50% of your Adjusted Gross Income), you can assess if the total amount in excess of the 7.50% allows you to claim that deduction, or it could be alternately more beneficial to claim it as a Self-Employed Health Insurance Deduction to reduce your Total Income, only if you are self-employed.

[evelynm]

Please also keep in mind that if the amount paid to your insurer actually exceeded the credit amount that you are eligible for, you would have to pay back the excess amount with your tax return.    TurboTax does this calculation once you input your 1095-A.