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Can I Deduct Health Insurance Premiums

Medical Expenses Tax Deduction

The IRS allows you to claim a deduction on your tax return for all medical and dental expenses that you incur out-of-pocket costs for during the tax year. However, there are two caveats to claiming a deduction for medical expenses, including your health insurance premiums. First, you must elect to itemize deductions on Schedule A instead of claiming the standard deduction. Itemizing deductions is only beneficial when the total of all expenses eligible for inclusion on Schedule A exceed the standard deduction for your filing status. The second issue is the 7.5-percent adjusted gross income (AGI) limitation the IRS imposes on your total medical and dental expenses. This is a significant threshold that can substantially reduce your deduction. For example, if you report an AGI of $100,000 on your 1040 form, incur $8,000 of deductible health insurance premiums; your actual deduction for health insurance is $500. This is because the first $7,500 (7.5% of your AGI) of your health insurance premiums is nondeductible.

IRS Rules on Health Insurance Deductions

Calculating the deductible portion of your health insurance premiums is fairly straightforward. The IRS allows you to include all premiums that you pay for medical insurance coverage for yourself, your spouse, your children and all other individuals who you claim as a dependent on your 1040. Moreover, it’s important to understand that you can only include the premiums you provide actual payment for by the end of the tax year. For example, if you pay your health insurance premiums on a monthly basis, but pay your December premium in January of the next year, you cannot include that payment in your medical expenses tax deduction until you file next year’s tax return.

Medical Deduction when Employer Pays Health Insurance

If your employer provides you with free health insurance coverage, none of those payments are deductible on your Schedule A. However, if your employer only subsidizes the cost of obtaining health insurance, you are free to claim deductions for the portion you do pay. In addition, you can still include other out-of-pocket medical expenses you incur despite having health insurance. This can include, for example, co-pays for doctor visits and prescription medications as well as any other legitimate medical treatment you receive not covered by your policy.

Reference: IRS Publication 502-Medical and Dental Expenses