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Deductions For People On Medicare. For taxation purposes a person can claim a Medicare Deduction to help minimize the amount of taxes that they owe. That is that if a person is required to pay a substantial amount of costs as per there Medicare plan, those costs can be offset by the tax deduction.
The governmentâs recent admission that Medicare premiums can be counted for purposes of the self-employed health insurance deduction is great news for self-employed seniors, because Medicare premiums can amount to significant dollars. So being able to deduct those premiums can result in significant tax savings.