Is Health Insurance Premiums Tax Deductible?

Many people have the same question, are health insurance premiums tax deductible? This is a very good question and one that you need to consider carefully. Taxation can be complicated but there are ways that it can be worked around too. There are also several situations where you may be able to deduct them from your taxes. There are also situations where you may not be eligible to do this.

The most obvious situation when are health insurance premiums tax deductible? If you use the policy as medical coverage, then you are going to be able to deduct it. This also applies to COBRA, as long as you are not at fault for the policy. If your health insurance company cancels your policy or gives you a notice saying you are not qualified, then you can claim it back. This may be the easiest way to go about this but the deductions are going to depend on whether you are self-employed or not.

Another situation that may allow you to claim back your premiums is if you lose your job or become injured. There are many situations where you may be able to get injured and use the injury as a reason for quitting your job. There are many other situations as well. These include things like death in the family or the loss of your home or vehicle. As long as you can prove that it was an accident related to your health, then you will probably be able to get your policy back.

One of the last questions is when are health insurance premiums tax deductible? The actual date that you will be able to claim this money back depends on several factors. The first is how long you have held your policy. In the case of people who have been with the same insurance company for a number of years, they may have longer to claim back.

Another factor to consider is if you have changed jobs. If you have moved from one company to another in the past year then you should be able to qualify for a prorated return. Usually, the company will have to wait around nine months before they are able to give you the money back. There are some situations though where this won't apply and in these situations are health insurance premiums tax deductible?

You need to check with your tax preparer to see what the regulations are regarding this and whether you would qualify for a prorated return. You also need to make sure that you are not paying too much out for your insurance. If you do qualify for this, you can get a substantial reduction from the premiums that you pay. You can claim the entire amount of the premiums and this will help to save you a lot of money. However, you still need to document the claim and you should always keep copies of any receipts that you are able to get for this purpose.

Photo by mikecohen1872