Are Health Insurance Premiums Tax Deductible?

Summary: Can you deduct your health insurance premiums on your taxes? It depends on how you get your insurance. If you work for a company, your premiums are usually paid with money before taxes are taken out, so you can't deduct them again.

However, if you are self-employed, you can usually deduct the premiums you pay for yourself and your family. You can also deduct the money you put into a Health Savings Account (HSA) if you fund it yourself. Finally, if you have huge medical bills that add up to more than 7.5% of your income, you might be able to deduct those extra costs, but you have to itemize your deductions at tax time.

Source: Verywell Health URL: verywellhealth.com/are-my-health-insurance-premiums-tax-deductible-3972883 (opens in new tab)