Technically, yes. However, how you file your taxes will have a lot to do with whether the deduction really amounts to anything. Depending upon how some self-employed persons and small business owners/partners structure their business and their tax arrangements makes a lot of difference. You need to talk with a CPA for that advice.
But, for the ordinary person who works for a company that doesn't provide health insurance and purchases an individual policy for themselves, the premium expenses can be included in that person's medical expense deduction on their individual income taxes. The problem most people are faced with is that under the new ObamaCare requirements, your out-of-pocket medical expenses in total have to exceed 10% of your adjusted gross income before you get any deduction at all (this is up from the previous 7.5% level). So, in practical terms, unless a person is really racking up some major health care expenses, very few taxpayers were reaching the old 7.5% threshold and even fewer will clear the new 10% level. Therefore, I would have to rate this as a paper deduction that, while you can report it, is largely an illusion for the average taxpayer.
.JPG){kind=avatar}
But, for the ordinary person who works for a company that doesn't provide health insurance and purchases an individual policy for themselves, the premium expenses can be included in that person's medical expense deduction on their individual income taxes. The problem most people are faced with is that under the new ObamaCare requirements, your out-of-pocket medical expenses in total have to exceed 10% of your adjusted gross income before you get any deduction at all (this is up from the previous 7.5% level). So, in practical terms, unless a person is really racking up some major health care expenses, very few taxpayers were reaching the old 7.5% threshold and even fewer will clear the new 10% level. Therefore, I would have to rate this as a paper deduction that, while you can report it, is largely an illusion for the average taxpayer.