You may be able to claim health insurance premiums on your taxes. If you pay your premiums at work via a pretax payroll contribution, you are already receiving a tax benefit, and these expenses would not be deductible. If you are self employed you can take the deduction on line 29 of form 1040.
If your plan provides for reimbursement directly to providers (most traditional plans do, while supplemental plans do not), you can deduct the premiums on Schedule A as part of un-reimbursed medical expenses. Keep in mind that tax savings don't begin until your deductible medical expenses reach ten percent of your adjusted gross income.
That is a great question! There are circumstances that will allow you to deduct your health insurance premiums on your taxes. Being self employed, medical payments that are a significant portion of your income, being a couple. With any question about taxes, I strongly encourage you to seek the advice of a tax professional who can give you the right advice for you. Thank you for asking!
.JPG){kind=avatar}
If your plan provides for reimbursement directly to providers (most traditional plans do, while supplemental plans do not), you can deduct the premiums on Schedule A as part of un-reimbursed medical expenses. Keep in mind that tax savings don't begin until your deductible medical expenses reach ten percent of your adjusted gross income.