Are Medicare Premiums Tax-Deductible?

Medicare premiums, copayments and certain other expenses may be deductible if you itemize deductions.

John Rossheim

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Kate Ashford, CSA®
Lead Writer | Medicare, retirement, personal finance

Kate Ashford is a writer and NerdWallet authority on Medicare. She is a certified senior advisor (CSA)® and has more than 20 years of experience writing about personal finance. Previously, she was a freelance writer for both consumer and business publications, and her work has been published by the BBC, Forbes, Money, AARP, LearnVest and Parents, among others. She has a degree from the University of Virginia and a master’s degree in journalism from Northwestern’s Medill School of Journalism. Kate has appeared as a Medicare expert on the PennyWise podcast by Lee Enterprises, and she's been quoted in national publications including Healthline, Real Simple and SingleCare. She is based in New York.

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Medicare premiums are tax-deductible, along with other certain Medicare costs, if you itemize deductions on your income taxes and if they exceed a certain percentage of your income.

Your unreimbursed medical and dental expenses — including Medicare premiums, deductibles, copayments and other medical expenses — may be tax-deductible to the extent that they are greater than 7.5% of your adjusted gross income. In other words, if your adjusted gross income is $35,000, you can deduct any out-of-pocket medical expenses above $2,625 — or 7.5% of $35,000.

Are Medicare premiums tax-deductible?

Medicare premiums are tax-deductible if you itemize deductions, although there may be restrictions:

Part A premiums are tax-deductible if you meet certain requirements. (Most people don’t pay premiums for Medicare Part A, but if you do and you’re not yet collecting Social Security benefits , these are deductible.)

Compare Medigap plans

Other Medicare expenses may be deductible

Medicare recipients may incur a variety of medical expenses that their insurance doesn't cover, from long-term care to lodging during a trip to receive medical care. Some of these expenses may be tax-deductible , within limits. According to the IRS, tax-deductible medical expenses include:

There are limits on the deductibility of long-term care insurance premiums. For tax year 2022, the maximum tax deduction for long-term care premiums for people ages 61 to 70 is $4,510 per person; for ages 71 and up, the limit is $5,640. (These limits are per person.)

Medicare expenses that aren’t deductible

Not every medical cost counts toward your deductible expenses. The following items can't be included:

Deducting Medicare premiums if you’re self-employed

Are you freelancing or doing some consulting work in retirement? If you’re self-employed, you may be able to deduct any premiums you’re paying for Medicare plans for yourself and your spouse without meeting the 7.5%-of-income threshold. You must meet certain conditions:

Consider seeking professional tax advice

As with much of tax law, deductions for Medicare and other health care expenses are complicated. IRS Publication 502 offers details on medical expense deductions, but it’s a lot to digest. Deductions also work differently if you’re self-employed.

You need to determine whether itemizing deductibles is your best overall tax strategy. It's best to consult with a tax professional before claiming any deductions.

The deductible for Medicare Part B is $240 in 2024. Once you’ve spent that amount out of pocket for Part B services, Medicare will start to pay.

The parts of Medicare have deductibles, which are the amounts you must pay out of pocket for medical services before your insurance starts to cover anything. The Part A deductible is $1,632 in 2024, and the Part B deductible is $240 in 2024. If you have a Medigap plan, some Medigap plans cover your Part A deductible.

The deductible for Medicare Part B is $240 in 2024. Once you’ve spent that amount out of pocket for Part B services, Medicare will start to pay.

The parts of Medicare have deductibles, which are the amounts you must pay out of pocket for medical services before your insurance starts to cover anything. The Part A deductible is $1,632 in 2024, and the Part B deductible is $240 in 2024. If you have a Medigap plan, some Medigap plans cover your Part A deductible.

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John Rossheim is a freelance editor and writer specializing in health care and workforce trends. His work has appeared in The Washington Post and on MSN, Monster and dozens of other websites. See full bio.

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Kate Ashford is a certified senior advisor (CSA)® and personal finance writer at NerdWallet specializing in Medicare and retirement topics. See full bio.

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