Yes, a S Corp can pay health insurance premiums for owners only. The IRS allows S Corps to deduct the cost of health insurance premiums paid on behalf of its shareholders who are also employees. This includes medical, dental and vision coverage as well as long-term care insurance. However, the shareholder must be actively engaged in the business and receive wages from it in order to qualify for this deduction. Additionally, if an owner is not receiving wages from the company they cannot take advantage of this benefit.