Are medical insurance monthly payments deductible on Schedule A medical expenses? The instructions at suggest this is the case because the payments are made with post-tax dollars.
- posted
16 years ago
Are medical insurance monthly payments deductible on Schedule A medical expenses? The instructions at suggest this is the case because the payments are made with post-tax dollars.
See IRS Pub 502 at the web site. Yes, most medical insurance premium payments are deductible, subject to the 7.5% AGI "floor" on Schedule A (or 10% floor for AMT).
If the payments already received tax-free treatment, such as through an employer group health plan, then of course they are not double-deductible.
-Mark Bole
This isn't an answer becuz I am not qualified to give you one definitively, but in my particular case, I think the answer is no. The company I work for deducts the monthly out of pocket expense I have paid for my portion of the premium from my gross salary, so my 'deduction' is already covered by a lowering of my reported W2 net salary.
So perhaps you might be in the same boat depending on how you 'pay' your monthly costs.
I'm interested to see what others say.
Andrew, you are right on. If the OP's employer provides a similar benefit (and he takes advantage of it), the answer to his question is no. If the OP's employer doesn't do that (that is, if the op is paying his med insurance with so called "post tax" dollars, then the answer to his question is yes.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.