Are there any tax benefits tied to paying Medicare premiums as a retiree?

Answered by 5 licensed agents

Possibly. Medicare premiums can sometimes be deducted as a medical expense if you itemize — but it depends on your overall situation. Best to run it by a CPA to see what applies to you.

Answered by Brian Krantz on March 25, 2025

Broker Licensed in NY, AK, AL & 48 other states

Answered by Brian Krantz Medicare Insurance Agent
That is a CPA question but in most cases the answer is NO premiums for Medicare have no tax benefits

Answered by DeeDee Whitlock on April 1, 2025

Broker Licensed in LA

Answered by DeeDee Whitlock Medicare Insurance Agent
Ultimately that is a question for a tax professional. It depends on many factors such as income, tax brackets, and state of residence. I would ask a qualified tax professional.

Answered by Paul Dzierzanowski on March 27, 2025

Agent Licensed in FL

Answered by Paul Dzierzanowski Medicare Insurance Agent
Medicare premiums can be tax deductible if 2 requirements are achieved. Number #1 medical expenses must exceed 7.5% of Adjusted Gross Income (AGI) and if you itemize your tax deductions.

Answered by Mel Stevens on March 28, 2025

Agent Licensed in AZ

Answered by Mel Stevens Medicare Insurance Agent
As a retiree, you're eligible for tax benefits tied to paying Medicare premiums. Medicare premiums can be tax-deductible as medical expenses, but only if they exceed 7.5% of your adjusted gross income (AGI).

For instance:

1. Medicare Part A, Part B, Part D, Medicare Advantage, and Medigap premiums can be deducted.

2. Self-employed individuals can deduct Medicare premiums pre-tax, even if they don't itemize deductions.

3. Health Savings Accounts (HSAs)* allow tax-free withdrawals to pay Medicare premiums after turning 65.

To claim these deductions, you'll need to itemize deductions on your federal income tax return (Form 1040) and complete Schedule 1.

As someone who's passionate about helping seniors navigate the complexities of Medicare, I'd love to help you make the most of these tax benefits.

If you have questions or would like to schedule a consultation, please don't hesitate to reach out. You can call me directly at 407-244-6951.

I'm looking forward to helping you optimize your Medicare coverage and maximize your tax savings!

Answered by Carmen Zorrilla on March 29, 2025

Broker Licensed in FL, AZ, KS & 7 other states

Answered by Carmen Zorrilla Medicare Insurance Agent

Tags: Advice for Seniors

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