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Sure thing! Generally, premiums you pay for health insurance, including fixed indemnity plans like Aflac, can be included as part of your medical expenses deduction on your tax return. However, there are a few things to keep in mind:
1. You can only deduct the portion of your total medical expenses, including insurance premiums, that exceeds 7.5% of your adjusted gross income. So, if your total medical expenses don't exceed that threshold, you won't get a deduction.
2. If you're self-employed and qualify for the self-employed health insurance deduction, you might be able to deduct your premiums without needing to itemize your deductions or exceed the 7.5% threshold.
3. If you received a tax credit to help pay for insurance premiums, you can't double-dip and claim a deduction for the same premiums.
Remember, everyone's tax situation is unique, so these are general rules and may not apply to your specific situation.
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