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

Question

Paul Dzierzanowski · Accepted Answer

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.

William Gray · Answer

, Medicare premiums are tax deductible as a medical expense as long as you meet two requirements. 

First, you must itemize your deductions on your tax return to deduct them from your taxable income. 

Second, only medical expenses that exceed 7.5% of your adjusted gross income (AGI) are deductible.

DeeDee Whitlock · Answer

That is a CPA question but in most cases the answer is NO premiums for Medicare have no tax benefits

Steve Brauer · Answer

That is more of a question for a tax expert...but I do know that IF you have an HSA that you've been building up for a long time, you can use those funds for any Medicare premiums, as well as Medicare services, on a tax free basis.

Answered by Steve Brauer on April 14, 2025

Broker Licensed in AZ & CA

Answered by Steve Brauer Medicare Insurance Agent

Brian Krantz · Answer

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.

Mel Stevens · Answer

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.

Scott Klag · Answer

Generally, there are no tax benefits in paying your Medicare premiums during retirement. You always want to check with a Tax Professional each and every year to see if anything has changed.

Carmen Zorrilla · Answer

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!