In many cases, yes. Self-employed people who show a net profit and are not eligible for coverage through an employer or a spouse’s employer can often deduct 100 percent of the health insurance premiums they pay for themselves, a spouse, and dependents. This is known as the self-employed health insurance deduction, and it reduces your taxable income.

There are rules and limits, and the deduction interacts with other parts of your return, so the exact benefit depends on your specific tax situation. A Health Savings Account, if you qualify for one through a high-deductible plan, can add further tax advantages.

We are insurance advisors, not tax professionals, so we recommend confirming the details with your CPA or tax preparer. What we can do is help you choose a plan that supports your tax strategy, such as an HSA-eligible plan when that makes sense for you.