Are Medigap Premiums Tax-Deductible? We here at Senior65.com get this question on a regular basis. The short answer is to check with your tax professional. The long answer is probably yes. See below for more details on Medigap and taxes.
Can you Deduct Medigap Premiums?
While the best advice is to consult with a tax professional, the general answer is “Yes, there are cases where you can deduct your Medigap Premiums from your taxes.” In fact, Medicare Part A, Part B, Medicare Advantage, Medicare Part D, and Medigap premiums can all be tax-deductible depending on your situation.
How To Deduct Medigap Premiums on Taxes
This is where we recommend you contact your tax professional. There are tax rules about who is paying, who is covered, and where the deduction is allowed that you will want to go over with your tax pro. The team at Senior65.com can help you understand how Medigap benefits and enrollment work but your tax expert should go over all your potential tax deductions with you.
The Senior65.com team is ready to help with Medigap coverage info. Call us at 800-930-7956 or get an instant quote here.
Are Other Medical Costs Tax Deductible?
The answer to this question is the same as before: Consult with your tax professional but probably yes. The IRS allows partial deductions for various medical expenses, including diagnosis, treatment, and preventive care see examples below (Source IRS):
- A portion of long-term care insurance premiums,
- Hearing aids,
- Eyeglasses and contact lenses,
- Dental care,
- Acupuncture,
- Chiropractor visits,
- Medical equipment such as bandages, crutches or a wheelchair,
- Certain home improvements to accommodate a disability,
- Nursing home expenses.
Here are some non-deductible Medicare expenses:
- Nonprescription drugs, vitamins, or supplements unless medically prescribed,
- Late penalties on Medicare Part B or D,
- Prescription drugs purchased overseas or online from abroad,
- Cosmetic surgery is not deductible unless it addresses issues resulting from an accident, deformity, or disease.
Hope that helps. Check with your tax pro for tax questions but check with us for Medigap benefits and enrollment questions: 800-930-7956.
For more information about the cost of Medicare, refer to our article: “ Medicare A & B Updates: Exploring Premiums, Deductibles, Coinsurance“.