It is possible for an individual's health insurance premiums to be counted as a medical expense for the purpose of income tax deduction, as long as the premium amount and other medical expenses exceed ________.

Question

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It is possible for an individual's health insurance premiums to be counted as a medical expense for the purpose of income tax deduction, as long as the premium amount and other medical expenses exceed 7.5 percent of the individual's adjusted gross income. An insured may only deduct the amount of medical expenses, inclusive of their health insurance premium amount, that are over this amount. If medical expenses plus the amount of insurance premiums are less than 7.5% of the individual's adjusted gross income, the individual will not be able to deduct any such expenses.

It Is Possible for an Individual's Health Insurance Premiums to Be