Did you know that if you are on medicare and pay for Part B coverage (either separately or as a reduction in your social security benefits) that if you are self-employed you can take the deduction as self-employed health insurance starting this year. This means you can directly reduce your adjusted gross income by it and not have to take it as an itemized deduction. Before this year you had to set up a 105 Medical Reimbursement Plan to get this treatment.
Remember, just like regular health insurance, if you have an S Corporation to get the deduction you have to reimburse the Over 2% Shareholder for the Part B Premiums, then have the corporation deduct the insurance as salary (there is a place to put it on the W2). Then you reduce your additional salary by the self employed health insurance deduction. This is the only way to get this treatment for an S Corporation.
Also, I will be in Laughlin from today for rest of the week. Will make my next blog on July 18.