Nilay,
I am sorry; I only know this answer as it applies to U.S. Citizens. I DO NOT KNOW if the rules are different for foreign citizens.
In order to claim medical expenses, including health insurance premiums, your medical expenses need to exceed 7.5% of your Adjusted Gross Income (AGI), AND YOU MUST itemize your deductions. In order for you to benefit from itemizing instead of using a standard deduction, your total itemized deductions must exceed the standard deduction allowed. There are exceptions, but often, people who do not own a personal residence that is mortgaged (mortgage interest payments are high) do not benefit from itemizing.
If you determine that you would get additional amounts refunded to you by itemizing, you could amend your 2007 income tax return.
PLEASE do be sure to wait for someone to comment on how this may be affected by your citizenship status.
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