Healthcare costsAnything we can do to save a little money come tax time is worth doing. So, what about health insurance? Is there any way that paying for health care can make tax season a little easier on the checking account? Yes, but it's somewhat situational. Here's what you need to know:

  • Tax deductions may be granted on the premiums that you pay for your insurance.
  • If your employer or someone else is providing your health insurance, then you cannot take any deductions on your own taxes for those expenses.
  • If your health coverage is provided by a state plan, you can only take deductions on the portion that you pay, not on the full cost.
  • Out of pocket medical expenses must exceed 7.5 percent of your annual income to be tax-deductible.

All of this is to say that yes, your health insurance costs are deductible, but only in proportion to what you are paying for them. If you are only paying a fraction of your premiums, or if your employer is buying your insurance, there is no loophole that is going to allow you to collect a deduction on the full amount of what your health insurance costs.

It's never a bad idea to research possible deductions, of course. It’s a good idea to talk to your Florida insurance provider to find out what is and isn't tax deductible. You may just be surprised at how many work expenses you have going unclaimed in your home right now. It may take a little extra paperwork and looking for old receipts in the bottom of shoeboxes, but you could very well be sitting on quite a bit of money in tax deductions.

Posted 12:50 PM

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