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February 17, 2022
Question

Do I deduct premiums for medicare and my supplement insurance

  • February 17, 2022
  • 2 replies
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Is money for medicare and MVP deducted

2 replies

Employee
February 17, 2022

When you report your social security income you also are reporting your Medicare premiums which automatically are included in your itemized medical expenses on Sch A if you itemize. You can then add your supplemental insurance premiums when you work on your itemized deductions.  You can only deduct an amount of medical expenses greater than 7.5 percent of your AGI. 

February 17, 2022

Yes, Medicare Part B premiums are a deductible health insurance premium.

 

Medicare Part A premiums aren't deductible if you're covered under Social Security or if you're a government employee who paid Medicare tax.

  • However, if you aren't covered under Social Security (nor a government employee who paid Medicare tax) and you voluntarily enrolled in Medicare A, you can deduct those premiums.

 

Yes, premiums for supplemental medical insurance, Part C (Medicare Advantage), and Part D (voluntary prescription drug insurance)—are deductible.

  • To get the medical expense deduction, the sum of all your itemized deductions (which also includes things like donations and property taxes) must exceed your standard deduction amount.
  • You're only allowed to deduct medical expenses that go above and beyond 7.5% of your AGI.

 

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