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Are you a self-employeed?
If you are a self-employeed then you can deduct the health insurance cost BUT only if you have a net profit
Also, if you were eligible to participate in a health plan by your wife, your dependent or your employer you can't deduct the payments
Let me know if you need more help and thank you in advance for clicking ACCEPT and for you feedback!
I'm not self-employed. We're both retired, and we always qualify for the medical deductions as they are over the 7.5% of our gross income. However, we've never included the AFLAC premiums with our other health insurance premiums. I assume from your answer that they are not deductible, but have always wondered why.
SInce you are not a self-employed you can deduct medical expenses including your premiums for insurance that covers the expenses of medical care. Pub. 502 ----> http://www.irs.gov/pub/irs-pdf/p502.pdf
The following premiums don't qualify: Life insurance,dissability insurance, car insurance premiums
Does your retirement pays for your health insurance?
Yes, and we do deduct our regular health premiums...medicare, Aetna, United Health Care, etc. But since AFLAC pays cash when you have a medical claim, I don't know if it qualifies under the guidelines. My husband's insurance is partially paid by his retirement. No questions on that.
Ok, so AFLAC is more like dissability type of insurance in that case you can't deduct the premiums
Thanks for your help.