Deducting Medicare Premiums

Many older taxpayers have Medicare premiums deducted from their Social Security checks each month and forget to take the deduction at the end of the year. Most Medicare premiums are deductible as a medical expense on Schedule A of Form 1040. Medicare when added to other medical costs such as co-pays, health insurance premiums or long term care premiums, often results in a deductible benefit. More on medical premium can be found from IRS under Medical and Dental Expenses.

If you voluntarily enrolled in Medicare A because you were not otherwise covered, you can deduct your Medicare A premiums. If you are enrolled in Medicare B supplemental medical insurance, the premiums you pay can be deducted as a medical expense. The same is true for Medicare Part D.  All allowable medical expenses must be reduced by 7.5% of adjusted gross income.

Source: 

IRS Publication 502 Medical and Dental Expenses http://www.irs.gov/pub/irs-pdf/p502.pdf
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