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Yes, insurance premiums, prescriptions and dental expenses are deductible BUT there are limitations.
First, the expenses must more than 7.5% of your adjusted gross income and the medical expenses are deducted as itemized deduction. If your income was over $110K, 7.5% would be $8250, meaning only expenses over $8250 would be deductible. Both at 65+, your itemized deduction is $15,300. You would have to have around 22K in medical expenses to see any difference in tax (assuming you pay some property taxes and or have some charitable donations and such).
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