Now that I'm a year away from Medicare age, I've been dutifully doing my research when I came across this incredible piece of info. Probably those of you already 65+ know this, but I didn't and was delighted!
So, it appears for those of us who are self-employed (and are not anyone else's employee in another job), after qualifying for Medicare, can deduct the premiums we pay for Medicare Part B and Part D, plus the cost of supplemental Medicare (medigap) policies or the cost of a Medicare Advantage plan!! Wow.
Kiplinger goes on to say: " This deduction is available whether or not you itemize and is not subject to the 7.5% of AGI test that applies to itemized medical expenses. One caveat: You can't claim this deduction for premiums paid for any month that you were eligible to be covered under an employer-subsidized health plan offered by either your employer (if you have a job as well as your business) or your spouse's employer (if he or she has a job that offers family medical coverage)."
Good news for me! And hopefully for some of you.
Shopping domestic and international locations since 2003.