Can I claim tax exemption on these expenses (incurred out of my own pocket) after retirement ... senior citizens may avail a deduction of up to Rs 50,000 for payment of premium towards medical insurance policy. This limit includes expenses incurred ...Do retirees really need to pay for life insurance?
While most retirees don't need to have life insurance, others--such as debtors, investors and those with disabled children--may want to keep coverage.Can retirees deduct health insurance premiums?
There are two types of health-premium deductions affecting federal retirees and their health insurance. One is the itemized deduction that all taxpayers can claim for health insurance premiums on annual tax forms. The other is the deduction made from retired public safety officers' pensions to pay health insurance premiums directly.