If your healthcare costs are high enough, maybe. By DANIEL KURT Updated November 7, 2022 Reviewed by THOMAS J.
CATALANO Fact checked by KATRINA MUNICHIELLO For some Americans, health insurance is one of their largest monthly expenses.
As a result, they are curious about which medical expenses they can deduct from their taxable income in order to lower their bill.
Some consumers seek tax breaks on their monthly health insurance premiums to cut costs as healthcare costs rise.
Your premiums may already be exempt from tax if you are enrolled in a health insurance plan sponsored by your employer. You cannot claim a year-end tax deduction if your premiums are paid for through a payroll deduction plan because they are likely paid for before taxes are paid.
However, if your annual healthcare expenses are sufficiently high, you may still be eligible for a deduction. If they meet certain requirements, self-employed individuals may be eligible to deduct their health insurance premiums.
The eligibility requirements for tax-deductible medical expenses will be discussed in this article.
