Is Medicare Part B Premium Tax Deductible? 
Yes , Medicare Part B Premium is Tax Deductible per Schedule A of form 1040 on your tax return , up to a limit . If the Medicare Part B premium -LRB- pluslong term care and other health insurance premiums -RRB- plus co-pays and out of pocket expenses exceed 7.5 % of your Adjusted Gross Income -LRB- AGI -RRB- , you can deduct the amount that exceeds 7.5 % of your AGI . 