Medical expenses can only be deducted if they exceed 7.5% of your adjusted gross income (AGI). You are allowed to add Medicare premiums to out-of-pocket costs, which may put you over 7.5% of the AGI threshold and cause your total itemized deductions to exceed the standard deduction amount.
Also, people who continue to run their own businesses after qualifying for Medicare can now deduct the premiums they pay for Medicare Part B and Medicare Part D and the cost of supplemental Medicare policies.
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Also, people who continue to run their own businesses after qualifying for Medicare can now deduct the premiums they pay for Medicare Part B and Medicare Part D and the cost of supplemental Medicare policies.