If you’re one of the millions of self-employed people who pay for their own health insurance for themselves and their families, you may be entitled to a special tax deduction. The deduction for self-employed health insurance premiums may be taken if you are:

1. A self-employed individual with a net profit for the year.
2. A partner with net earnings from self-employment.
3. An S corporation shareholder who owns more than 2% of the outstanding stock of the S corporation and has wages from the S corporation.

However, the deduction is not available for any month during which you were eligible to participate in any employer-subsidized health plan maintained by your employer or your spouse’s employer.

The deduction may be taken only for premiums paid for medical insurance, dental insurance, and qualified long-term care insurance that covers you, your spouse, and dependents. The premiums paid for medical and dental insurance are fully deductible. The deduction for qualified long-term care insurance premiums is subject to limitations based on the year-end age of the persons covered, according to the table below.

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