• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Vim Ch'i

Don’t wait to lose weight.

  • Home
  • About
    • Frequently Asked Questions
  • Shop
  • Blog
  • Diets
    • Carnivore Diet
    • Intermittent Fasting
    • Ketogenic Diet
    • Low Carb
    • OMAD
    • Herbalife Tea/Herbal Tea
  • Financial Wellness
    • Credit Card Debt
    • Health Insurance
    • Life Insurance
  • Contact
You are here: Home / Financial Wellness / Health Insurance / Are Health Insurance Premiums Tax Deductible for Retirees?

Are Health Insurance Premiums Tax Deductible for Retirees?

September 19, 2021 by Janey Danes Leave a Comment

Retiring without having to think about where to get money can take a lot of planning before retirement. You can cut some of your expenses. Unfortunately, you can’t cut the cost of your health care. As you age, your health care needs go up. You can offset the high health care cost by taking advantage of tax deductions. Are health insurance premiums tax deductible for retirees?

are health insurance premiums tax deductible for retirees

Can Health Insurance Premiums Help You Save Money? Are Health Insurance Premiums Tax Deductible for Retirees? 

You can only deduct your medical and dental experts that go above 7.5% of your adjusted gross income. Unfortunately, if your income was low before you retired, the deduction might not be significant.

However, if you did make money during your retirement, you can reduce your tax liability through the medical deduction.

In addition to the medical expenses, you can reduce the cost of your health care insurance premiums, as well as your payments to Medicare and long-term care insurance premiums.

In other words, health insurance premiums that you pay out of pocket will be tax-deductible.

The premiums for instance that you bought through COBRA can also be deducted.

Furthermore, all medically necessary treatment costs are considered tax-deductible.

For that reason, you could deduct the cost of any medical device if your doctor prescribed it for you. You could also deduct the cost of your travel expenses if you need to go somewhere for medical treatments.

Read: Work Perks for Starbucks

Other Costs That You Could Deduct 

are health insurance premiums tax deductible for retirees -- deductions

There are a few medical costs that are tax-deductible but not covered by a health insurance plan. For instance, you can deduct your contact lenses, dentures, prosthetic lips, or extra pair of glasses.

And if you need to undergo laser vision corrective surgery, you can also deduct it.

You can also deduct the cost of home improvements if they are done to accommodate a physical illness or disability.

These improvements can be installing ramps, entrances, wheelchair lifts, and railings. However, installing an elevator isn’t necessarily tax-deductible as it adds value to the house even if it is useful for those with a disability.

Although there are medical costs that are not part of your health insurance but are still deductible, there are medical costs that you can’t deduct.

For instance, if you need to buy medical drugs that your doctor didn’t prescribe, the cost of those drugs isn’t tax-deductible. Furthermore, cosmetic treatments can’t be deducted.

Read: What is Indemnity Insurance?

How About Supplements? 

If they are prescribed by your doctor, you may deduct their cost. However, it’s a rare occurrence.

Read: Health Insurance in the UK

Filing Taxes for Deductions 

Itemizing your deductions is necessary before you can claim a health care deduction. Because you can’t use the standard deduction, the total amount of the itemized deductions must be greater than the standard deduction. If they are lower than that, then you may need to pay more in taxes.

To exceed the amount of standard deduction, you would have to include other costs that are not part of your health care. These would include mortgage interest.

It’s important to itemize your health care costs to help you lower your medical costs. You may opt for a flexible spending account or set up a health savings account as they provide tax advantages. In that case, they can reduce the overall cost of your healthcare.

About the author

Janey Danes Janey Danes started her career as a part-time article writer, editor and proofreader in 2008. She specializes in topics related to health, travel, technology, family, and spiritual life. Danes is a licensed medical technologist and she holds a Bachelor of Science Degree in Information Technology. She is also a contributor to Travel Philippines | Entertainment and Medical Technology Avenue. You can also find her on Google+.

  • More at  
  • logo image

Share this:

  • Facebook
  • Twitter
  • LinkedIn

Filed Under: Health Insurance

Reader Interactions

Speak Now ... Or Forever Hold Your Peace Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Deals You Don’t Want to Miss!

Find Your True Love Here


Product Categories

Translate

Vim Ch’i

Vim Ch’i is an online health shop to buy Herbalife Tea (Herbal Tea Concentrate) and other supplements, which bring back your Vim (energy and enthusiasm) and Chi (vital energy to animate the body internally).  We also feature news and tips about Herbalife Tea (Herbal Tea Concentrate), OMAD for weight loss, Intermittent Fasting, Cord Blood Collection, and Health Insurance.

If you wish to contribute articles, infographics, etc. to our website, please email us at admin[at]vimchi.info.

Send Your Love with Flowers!

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

What’s Hot

  • Herbalife and Intermittent Fasting in 2023: Can You Drink Tea or Shake?
    Herbalife and Intermittent Fasting in 2023: Can You Drink Tea or Shake?
  • What is Herbalife Tea Bomb in 2023? Is It Helpful for Your Health Goals?
    What is Herbalife Tea Bomb in 2023? Is It Helpful for Your Health Goals?
  • Better OMAD Diet Results in 1 Month That Will Make You Feel Wonderful in 2023
    Better OMAD Diet Results in 1 Month That Will Make You Feel Wonderful in 2023
  • 5 Easy OMAD Meal Ideas in 2023 to Stop Feeling Hungry for 23 Hours: #3 the Easiest
    5 Easy OMAD Meal Ideas in 2023 to Stop Feeling Hungry for 23 Hours: #3 the Easiest
  • Will Herbal Tea Break a Fast?
    Will Herbal Tea Break a Fast?

TOPICS

Cord Blood

Cannabidiol

OMAD

Health Insurance

Intermittent Fasting

Health News

Ketosis Diet

Weight Loss News/Recipes/Tips

Herbalife Tea – Herbal Tea Concentrate

Best Natural Remedies

Let’s Be Friends

Let’s Be Friends
  • Vim Chi
  • Frequently Asked Questions
  • Terms Of Use
  • Contact

Copyright © 2023 · All Rights Reserved. Vim Ch'i - For the Love of Health and Wellness

 

Loading Comments...