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InfoTaxes
InfoTaxes, Tax Preparer
Category: Tax
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Experience:  CTEC and IRS Registered Tax Return Preparer
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I have never dedecuted my AFLAC premiums as a medical insurance

Resolved Question:

I have never dedecuted my AFLAC premiums as a medical insurance expense on my income taxes. I'm wondering if they are deductable like other health insurance premiums. Any information would be appreciated. Thanks!
Submitted: 5 years ago.
Category: Tax
Expert:  InfoTaxes replied 5 years ago.

InfoTaxes :

Hello and thank you for using JustAnswer.com

InfoTaxes :

Are you a self-employeed?

InfoTaxes :

If you are a self-employeed then you can deduct the health insurance cost BUT only if you have a net profit

InfoTaxes :

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

InfoTaxes :

Let me know if you need more help and thank you in advance for clicking ACCEPT and for you feedback!

Customer:

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.

InfoTaxes :

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

InfoTaxes :

The following premiums don't qualify: Life insurance,dissability insurance, car insurance premiums

InfoTaxes :

Does your retirement pays for your health insurance?

Customer:

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.

InfoTaxes :

Ok, so AFLAC is more like dissability type of insurance in that case you can't deduct the premiums

Customer:

Thanks for your help.

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