Can I claim the self employed health insurance premium deduction if I was still within the 18 month window for COBRA eligibility from a former employer?

Hello,

 I wanted to ask about this same issue. It was my understanding that since I am self employed that I would be able to deduct my health insurance premiums from my marketplace/healthcare.gov plan and should categorize them as "business" expenses on QB Self Employed. I was laid off from an employer in February 2022, and have since been working as a self employed consultant since then. Technically I would have been able to sign up for Cobra from my former employer; however, in comparison to the marketplace health plans the cost of the COBRA plan (which would not be subsidized by my former employer) was MUCH higher, just as the OP mentioned in the post. 

In your reply you said that a self employed individual cannot deduct marketplace health insurance premiums because the OP technically qualified for COBRA. Are you sure this is correct? If I am laid off, and do not opt into an expensive non-subsidized COBRA plan, surely I should still qualify for the deduction if I choose a healthcare.gov plan?

Thanks for any clarification.

Thanks for being here, @goldmund22. Allow me to step in and share additional information regarding the health insurance premium deduction in QuickBooks Self-Employed (QBSE).

Yes. If you prefer other health plans, you're still eligible to claim a deduction for your health insurance premiums. 

The HealthCare.gov health insurance marketplace was established by the Affordable Care Act (ACA). It's a good starting point for anyone looking for health insurance policies and contains resources specifically for self-employed workers. 

However, your spouse’s insurance policy may impact your ability to enroll for a plan on the marketplace. You most likely won't be eligible for premium tax credits and other discounts on a marketplace plan if their insurance covers spouses and dependents.

For additional details, please see this blog: How to get health insurance when you’re self-employed.

Furthermore, we assist you in determining whether you can write off your healthcare expenses as a deduction. I suggest reading this article to learn more: Find out if your healthcare is deductible in QuickBooks Self-Employed.

Please don't hesitate to post updates on this thread whenever you have any follow-up questions about the health insurance deductions in QBSE. I'm always available 24/7 to answer them. Be safe and have a nice day ahead!