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R.S.K. Tax & Consulting, LLC

Maximize Your Tax Savings with Health Insurance Deductions

Published 15 days ago • 1 min read

Make the Most of Your Health Insurance Tax

Did you know that some of your health insurance expenses may be tax-deductible? If you're self-employed, run a business, or have significant medical expenses, you might qualify for valuable deductions that can lower your tax bill.

What Health Insurance Costs Are Deductible?

  1. Self-Employed Health Insurance Deduction – If you're self-employed and not eligible for employer-sponsored coverage, you may be able to deduct your health insurance premiums for yourself, your spouse, and dependents.
  2. Medical Expense Deduction – If your total medical expenses exceed 7.5% of your adjusted gross income (AGI), you may be able to deduct qualified expenses, including health insurance premiums, doctor visits, prescriptions, and certain treatments.
  3. Health Savings Account (HSA) Contributions – Contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free.
  4. Long-Term Care Insurance Premiums – If you have long-term care insurance, a portion of the premiums may be deductible, depending on your age and filing status.

Maximize Your Tax Savings

Navigating health insurance tax deductions can be complex, but we’re here to help. We have a trusted health insurance specialist who can help you find quality coverage at a great price. Schedule a consultation today to ensure you're making the most of your health insurance tax benefits!

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