Monthly Medicare Part B premiums are tax-deductible. And just like other types of medical expenses, you can deduct them from your taxes. You’ll need to meet specific rules to deduct your Part B premium.
It is possible to take advantage of the medical expense deduction, but only if you follow certain rules. To do so, file your taxes in a certain way and itemize your deductions instead of choosing the standard deduction. Your medical expenses will only be worth claiming after surpassing 10% of your adjusted gross income (AGI).
In general, you can deduct:
– Part A premiums. Most people get Part A without paying a premium, so there isn’t anything to deduct. If you do pay a Part A premium and aren’t getting Social Security benefits, you can deduct the premium.
– Part B premiums. Part B premiums are tax deductible as long as you meet the income rules.
– Part C premiums. You can deduct Part C premiums if you meet the income rules.
– Part D premiums. As with parts B and C, you can deduct your Part D premiums if you meet the income rules.
Medigap. Medigap premiums can also be tax deductible.
This information is provided as background only. As with any issue related to your taxes, you should consult with a qualified tax professional or CPA for advice specific to your situation.