Get a Helpful Tax Break

Ordinarily medical expenses, including insurance premiums, are not tax deductible until they exceed 7.5% of your income. However, if you’re self-employed or your employer offers a flexible spending account, you can get a tax break without meeting the threshold.

If you’re self-employed, you may be able to deduct 100% of your insurance premium from your gross income. If your employer offers a flexible spending account, sign up. You can pay your co-payments as well as expenses not covered by insurance with money that’s not subject to income tax or Social Security taxes.