Seniors Advised: Don't Overlook Medicare Insurance Tax Deductions

LOS ANGELES - Rezul -- Medicare eligible seniors who itemize their tax deductions should not overlook the many eligible Medicare-related expenses.

"Some 15 million Americans itemize deductions on their federal tax returns," shares Jesse Slome, director of the American Association for Medicare Supplement Insurance. "If they are on Medicare, many of those costs are deductible. The same is true for seniors who file self-employment income."

According to the Medicare insurance expert, Medicare premiums may be tax deductible as a medical expense. "You must itemize your deductions on your tax return," Slome explains. "And, your qualifying medical expenses must add up to more than 7.5 percent of your Adjusted Gross Income."

"It pays to read the IRS Publication 502 that outlines deductible medical and dental expenses," Slome notes. "It has the most current list of eligible expenses and rules."

According to the Association director, the following expenses can qualify as tax deductible expenses; Medicare Part A, B and D premiums. "Medicare Part B premiums can still be tax deductible even if they are automatically deducted from your Social Security monthly payment," Slome adds.

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Any premiums paid for Medicare Advantage (Medicare Part C) plans can qualify. So can premiums for Medicare Supplement insurance (also known as Medigap) and Medicare Part D prescription drug plan costs.

"There are a multitude of expenses that can really benefit seniors," Slome shares. The Association has shared additional tax-deductible expenses for 2023. Access the information at https://medicaresupp.org/are-medicare-premiums-tax-deductible/.

Not all medical or health related expenses will be deductible. "Cosmetic surgery to improve your appearance is not deductible," Slome says. "Herbal, nutritional or vitamin supplements are generally not deductible except if your medical professional recommends them as treatment for a specific medical condition. Then they might be but ask your accountant."

The American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions. Access more Medicare insurance information about tax deductible expenses at https://medicaresupp.org/information/medicare-information/medicare-tax-deductions-2023/.