Are My Health Insurance Premiums Deductible?
Your health insurance premiums can be a deduction if they provide reimbursement for doctor/dentist fees, hospitalization, surgical fees and other medical and dental expenses. There are some requirements:
- You cannot use pre-tax dollars and deduct the premiums.) Pre-tax means you already received a tax benefit by not paying taxes on it, so you can't get a second benefit on the same dollars. If the amount you paid for insurance is not included in Box 1 (wages) of your Form W-2, you paid with pre-tax dollars.
- You can deduct Medicare premiums you pay for Part B (supplemental medical insurance), Part C (HMO or Advantage Plans), and Part D (voluntary prescription drug insurance program.
- Medicare Part A is usually not deductible. However, if you are not covered under Social Security and voluntarily enroll in Medicare Part A, the premiums are a medical expense.
- Can I Deduct Life and Disability Insurance Costs?
- Can I take the health insurance premiums for my family as a deduction on my Schedule C?