Are Health Insurance Premiums Tax-Deductible?


Quick Answer

Bankrate states that health insurance premiums paid by an individual are tax-deductible, but the portion of health insurance paid by employers is not tax-deductible. To deduct health insurance that has not been paid pre-tax, the taxpayer must itemize premiums as medical expenses on Schedule A.

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Full Answer

About.com notes that taking health insurance as an itemized medical expense deduction only works when combined with other medical expense deductions to reach a specified percentage, which changes based on the yearly tax code, of the taxpayer's income. Different processes exist for self-employed taxpayers; they use insurance premiums as an adjustment of income and list them on the first page of IRS Form 1040.

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