Are Medicare premiums tax deductible?

Medicare premiums may be tax deductible, but there are specific guidelines you must meet before you file your taxes. Here’s what you need to know.

Key Points

  • Medical and dental expenses—including premiums—can only be deducted if they add up to 7.5% or more of your adjusted gross income (AGI) as it appears on your tax returns.1
  • To claim the deduction(s), you must itemize your deductions (list each 1 specifically) when you file your taxes.
  • If you have questions about your specific circumstances, seek advice from your personal financial advisor or tax professional.

If I qualify, which parts of Medicare are tax deductible?

If you or your tax professional believe you’re eligible to deduct out-of-pocket medical expenses when you file your taxes, and you itemize your deductions, the following Medicare premiums would qualify:

Medicare Part A (hospital) premiums. Most people who have worked and paid taxes don’t pay a monthly premium for Part A.

Medicare Part B (medical) premiums. In 2024, the standard monthly Part B premium is $174.70.

Medicare Part C (Medicare Advantage/MA) premiums.

Medicare Part D (prescription drug plan) premiums. You’ll pay a separate monthly premium if you choose a stand-alone prescription drug plan.

Medicare Supplement Insurance (Medigap) premiums. Premiums vary from state to state and are based on your age when you sign up.

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What expenses are not eligible for a tax deduction?

While qualifying medical expenses may be deductible, the costs for things that support your general health and well-being, like vitamins or a week at the beach, are not deductible.

Other non-deductible medical expenses include elective cosmetic surgery, drugs not approved by the Food and Drug Administration, and end-of-life costs for funerals, burial or cremation.2

Can I deduct Medicare premiums if I’m self-employed?

If you’re self-employed and your business shows a profit you can claim your health insurance premiums as a tax deduction. This includes premiums for Medicare Parts A and B, Medicare Advantage, Part D prescription drug plans and Medicare Supplement plans. Keep in mind that you can only claim these deductions on your income tax return, not your employment taxes.1

Frequently asked questions

Can I use my health savings account (HSA) to pay Medicare premiums?

Funds in an HSA or flexible spending account have never been taxed. Deducting expenses paid for with these accounts would be like double-dipping, so the IRS does not allow that.

How much does Medicare cost?

In general, you’ll want to look at premiums, deductibles, copays and out-of-pocket spending limits when considering overall Medicare costs. Those costs will vary based on whether you opt for Original Medicare or a Medicare Advantage plan. Learn more about the specific costs of Medicare Parts A, B, C and D.

How do I qualify for a Medicare tax deduction?

If your medical expenses, including Medicare plan premiums, add up to 7.5% or more of your adjusted gross income and you itemize your deductions, you should qualify.3

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  1. “Medical and Dental Expenses,” IRS.gov, Publication 502, last accessed April 9, 2024.
  2. “Can I claim medical expenses on my taxes?” H&R Block, last accessed April 9. 2024.
  3. Jesse Migneault, “Can I deduct my Medicare premiums on my tax return?”, medicareresources.org, last accessed April 12, 2024.