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Deductions For People On Medicare. For taxation purposes a person can claim a Medicare Deduction to help minimize the amount of taxes that they owe. That is that if a person is required to pay a substantial amount of costs as per there Medicare plan, those costs can be offset by the tax deduction.
Let me explain. Generally, medical insurance premiums including certain Medicare premiums are deductible on your Federal Income Tax if you are itemizing your deductions using Schedule A, Form 1040. There is a limitation placed on deductible medical expenses.