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Premiums are not deductible regardless of whether the insurance is government life insurance or regular commercial life insurance. Although life insurance premiums, as such, are not deductible, they may be deductible as the payment of alimony or as charitable contributions.
1 If you used after-tax money for insurance, you can claim some medical expenses, including your health insurance premiums. 2  However, if you paid your expenses with pretax money, you wonât be eligible to do so. 3  If you have Medicare or Medigap and are self-employed, the IRS can deduct your premiums.ere are some instances in which you may qualify for deductions: 1  If you are self-employed and pay for your own health insurance, you can deduct premiums. 2  This tax deduction includes premiums paid for medical and dental insurance. 3  Your policy can cover just yourself or extend to your spouse or dependents.