If you have a group or individual health insurance, all off-pocket costs that you eat throughout the year should be considered.
See the slideshow to see what deductions you can and can not do at the end of the year.
Other tax considerations
If you do not have a health savings account, open one before 31 December 2011. many people who have high deductible plans are eligible for a health savings account (HSA), because it offers tax free benefits and collects interests. If you either do not have an HSA or have not contributed the full amount, do it before the end of the year. You can deduct these expenses from your taxes 2011
In 2011, the HSA contribution limit for an individual is $ 3,050 and $ 6,150 for a family. From 2012, the contribution limit for one person will be $ 3,100 and $ 6,250 for a family.
Do not forget, those who are self-employed can deduct up 100 percent of their monthly health insurance premiums . If you have a group health insurance, your employer already provides tax-free benefit and it should be listed on your tax form.
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