What are Dental Insurance Premiums?
Dental insurance premiums are the recurring payments made to an insurance company, generally monthly or yearly, in exchange for dental care coverage.
These costs may change based on factors like the coverage you select, where you live, your age, and how old you currently are.
Are Dental Insurance Premiums Tax Deductible?
There is some discussion about whether or not dental insurance premiums are tax deductible.
According to the Internal Revenue Service (IRS), dental insurance is only tax deductible if it covers preventative care like regular checkups and cleanings, as well as restorative care like implants. Procedures like tooth bleaching and cosmetic implants that are covered by dental insurance but have no functional use are not tax deductible.
Can you Deduct Dental Insurance Premiums?
You might potentially reduce your tax liability by deducting the cost of your dental insurance premiums. But this is dependent on your particular dental insurance policy and personal circumstances.
The average cost of dental insurance is $47 per month, with yearly rates ranging from $600 to $2,000. Yet, health insurance premiums might differ significantly from policy to policy.
Health and dental insurance knowledge might help you save money on taxes. Instead of below-the-line expenses like travel and entertainment, health and dental insurance payments might be deducted as above-the-line expenses.
Dental insurance premiums are tax deductible; for a list of qualifying medical and dental costs, you should consult a tax expert or refer to Publication 502 of the Internal Revenue Service for further information. You need to make sure that you keep accurate records of all of your medical and dental costs, and if you have any issues about your particular tax status, you should discuss them with a tax specialist.
Also, See: Medicare Tax