![]() ![]() If she takes the job and qualifies for the plan in December, for example, you might have paid for 12 months of health insurance coverage for yourself and your family but you can deduct only 11 months' worth of premiums from January through November because you were eligible for another plan in the last month of the year. This might be the case if you work a regular job and have your own business on the side, or if your spouse becomes employed and is eligible for family coverage under a group plan. You can't deduct the costs of health insurance if you or your spouse were eligible to participate in a subsidized group health plan through an employer.The policy can be in the name of your business if you don't operate under your own name. ![]() If you're self-employed and pay supplemental Medicare premiums, such as for Part B coverage, you can deduct these premiums as well. The entire cost of premiums paid for medical insurance, dental insurance, and long-term care insurance are deductible for policies that cover you, your spouse, your dependents, or adult children who have not reached the age 27 as of the last day of the tax year. ![]()
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