Most definitely, especially if you are one of the millions of self employed hustlers, freelancers, digital nomads and sole proprietors that have to pay for Insurance yourself then the IRS absolutely want you to know about this deduction! The Health Insurance Deduction is generally available to you and for your spouse and dependents, so please take note!
Being self-employed means that you may be eligible to deduct the premiums that you pay for medical, dental and qualifying long term care insurance coverage for yourself, your spouse and your dependants. Keep in mind the insurance can also cover your child who was under the age of 27 at the end of 2012, even if the child was not your dependent!
Some important things know being self employed and claiming the health insurance deduction.
When it comes to filing and tax reporting, you take this deduction straight to Form 1040 as it is a personal deduction. If you are a Sole Proprietor it does not go on your schedule C. Also if you do not claim 100% of your self employed health insurance costs on Form 1040 you may include the rest with all other medical expense in schedule A, which is subject to 10% of the gross income limit for 2013 and later. You would do this if you health insurance premiums exceed your business income.