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For example, younger persons who are still working probably arenât on Medicare and are still paying into the system by a rate of 6.2% of their annual earnings. Elderly persons on Medicare can use the IRS tax deduction to reduce their tax burden by claiming costs associated with Medicare payments.
Your age could have an impact on your Medicare supplemental insurance tax deductible. If you choose to itemize medical expenses deductions in your returns, Medicare Supplemental Insurance can offer some tax relief. Tax deductions for Medigap premiums are one more benefit of getting older.