“This particular’s truly all over the board,” Greene-Lewis said. “This particular could be more medical devices, out-of-pocket expenses for prescriptions, or flying to a seminar about a condition you have.”
If you pay for health insurance with after-tax dollars, your premiums might be able to count toward which deductible. Expenses which are nondeductible include cosmetic charges, gym memberships in addition to also the like, as well as expenses for which you are reimbursed.
For the self-employed, the rules governing health insurance premiums are bit different. If you have a profit, you might be able to write off the premiums you paid for health, dental in addition to also long-term care insurance for you in addition to also your dependents.
Because the deduction for self-employment insurance can be an adjustment to income, you don’t need to itemize to take advantage of This particular — although This particular does come with limitations. For instance, the value of the deduction cannot exceed your profit.
Additionally, whether self-employed or not, certain medical expenses come with deductibility limitations, including long-term care premiums (see chart below).