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I've been told that I can deduct some of my healthcare costs. I work for a small business--I don't own it, I'm not a partner, nor am I a contractor--we only have 5 people in the whole company and everyone but me has health insurance through a spouse.

I've been told that I can deduct some, or perhaps all, of my costs. I think if it were true, there would be many more people that would have self coverage. I find this odd, and frankly, I'm not beliving any of it until I get it from someone who knows.

So, please, point me in the right direction:
Take it off as a deduction? Do I need move to being a contracted employee? Start my own business? Dream on?

Thanks in advance,


You can deduct the expenses that are over 7.5% of your AGI. Take a look at the IRS publication that describes it.

Your company may be able to set up a healthcare flexible spending account. You put pretax money into this account and then the funds can be used to reimburse you for your medical expenses. This essential makes them deductible.

Still another option is the medical savings account. Again, look at the IRS publication about them.

Good luck.

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