Your total medical expenses, including premiums, must surpass 10% of your AGI to be deductible. Here’s a little backstory to help you understand this deduction in context.
In 2019, the IRS allows taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceed 10% of their adjusted gross income (AGI). Note that for 2017 & 2018, the threshold amount was lowered to 7.5% of AGI.
You must itemize in order to take this deduction, and the deduction is limited to the amount of your overall costs that exceed 10% of your AGI. The good news is that this percentage does not apply to your total income, but ONLY to your AGI. This is the figure that is arrived at after various “above the line” deductions have reduced your total income to your taxable income.
Qualified medical expenses are designated by the IRS. They include medical, dental, vision, and prescription expenses. The general rule is that if you pay for these expenses out of pocket, and are not reimbursed, then you would be allowed to deduct the amount from your taxes as long as it surpasses 10% of your AGI.