Deducting Health Insurance Premiums
01/15/2023

In general, health insurance premiums are tax deductible if you are self-employed or itemize deductions on your tax return.
If you are self-employed, you can deduct the cost of your health insurance premiums on your tax return as a self-employed health insurance deduction. This deduction is taken as an adjustment to income, which means you can claim it even if you do not itemize deductions.
If you are not self-employed and itemize deductions on your tax return, you can claim a deduction for your health insurance premiums as a medical expense. You must itemize your deductions using Schedule A of Form 1040 to claim this deduction. The deduction for medical expenses is limited to the amount that your total medical expenses exceed 7.5% of your adjusted gross income (AGI) in 2021 and 10% of your AGI in 2022 and beyond.
It’s worth noting that the deduction for self-employed health insurance premiums and medical expenses is subject to certain limitations and restrictions. It’s always a good idea to consult with a tax professional or refer to IRS guidance to determine whether you can claim these deductions and how to do so.