Are Medicare costs tax-deductible?

Monthly Medicare Part B premiums are tax-deductible. And just like other types of medical expenses, you can deduct them from your taxes. You’ll need to meet specific rules to deduct your Part B premium. It is possible to take advantage of the medical expense deduction, but only if you follow certain rules. To do so, file your taxes in a certain way and itemize your deductions instead of choosing the standard deduction. Your medical expenses will only be worth claiming after surpassing 10% of your adjusted gross income (AGI). You may want to look at your specific situation before deciding whether or not you should deduct your medical expenses. Let expert Kevin Leinum help you understand the many parts of Medicare and determine the right fit for you. Give me a call to discuss the options available to you.

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We do not offer every plan available in your area. Currently, we represent 8 organizations which offer 75 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Assistance Program (SHIP) to get information on all of your options. This is a proprietary website and is not associated, endorsed, or authorized by the Social Security Administration, the Department of Health and Human Services or the Center for Medicare and Medicaid Services. This site contains decision-support content and information about Medicare, services related to Medicare and services for people with Medicare. If you would like to find more information about the Medicare program, please visit the Official U.S. Government Site for People with Medicare located at http://www.medicare.gov.