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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.
The IRS now admits that Medicare insurance premiums count as health insurance premiums for purposes of the itemized tax deductions for medical expenses. Specifically, premiums for all four Medicare Parts â A, B, C, and D â should qualify and premiums for Medigap coverage should too.hese premiums also count as medical expenses for itemized deduction purposes, subject to the age-based limits shown below. For each covered person, count the lesser of: 1  Premiums paid in the applicable year or. 2  The applicable age-based limit.