I am a retired professional. I paid for my own Healthcare insurance in 2007 after I left my employer last few months of the year.

Can this insurance premium be deducted from my last year's income?

Yes, the health insurance premiums that you paid after you left your employer in 2007 are all deductible on Schedule A, subject to the 7.5% AGI limitations.

Remember, that you should also include Doctors, Hospital Fees, Drugs and Prescriptions Drugs with the health insurance premiums. These combined expenses may result in deductible expenses that may exceed the 7.5% AGI limit.

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