Can i deduct health insurance premiums if retired?

Medical and dental expenses Fortunately, some of these expenses are deductible if you itemize your personal deductions. These include health insurance premiums (including Medicare premiums), long-term care insurance premiums, prescription drugs, nursing home care, and most other out-of-pocket health care expenses. The extensive list of eligible expenses includes out-of-pocket payments for medical services provided by doctors, dentists, optometrists and other medical professionals; mental health services; health insurance premiums (including Medicare parts B and D); annual physical exams; prescription drugs and insulin (but not over-the-counter drugs); hearing aids; and transportation to and from the doctor's office. Rarely, you may be able to deduct the cost of dietary supplements if recommended by a doctor for a specific condition.

You can only deduct the total amount of your medical expenses that exceeds 7.5% of your adjusted gross income. Taxpayers who list in Schedule A (opens in a new tab) can continue to deduct eligible medical expenses to the extent that the total amount exceeds 7.5% of adjusted gross income. The list of medical deductions is extensive and includes items such as expenses for service animals and the cost of long-term care. If you hire a company of genetic descent to perform genetic health tests, such as 23andMe, the portion of the cost of the DNA collection kit related to genetic testing may be considered a deductible medical expense.

You can deduct your health insurance premiums on your return if you paid the premiums with the money deducted from taxes. If you purchased a long-term care insurance policy, a portion of the premium payment qualifies as a medical expense. To claim a deduction for medical expenses, you'll need to itemize your deductions on your tax return instead of taking the standard deduction. If you don't claim 100% of your premiums paid, you can include the rest along with your other medical expenses as an itemized deduction on Schedule A (Form 1040).

Veterinary expenses for a service dog to help people with visual disabilities and others with physical disabilities are eligible medical deductions. If you're retired and your taxable income has reduced your gross gross income to a point where it allows you to take this itemized deduction, start saving bills and adding up your medical bills. You can't deduct the costs of toiletries or elective procedures that aren't needed to improve your health. This is an adjustment to the income, not an itemized deduction, of the premiums you paid for a health insurance policy that covers health care, including a qualifying long-term care insurance policy for you, your spouse and your dependents.