When Can You Claim a Tax Deduction for Health Insurance?

It is vital that you know your options. Regardless of tax breaks, you need some type of health coverage.

The TurboTax Blog

Each year, June 28 marks National Insurance Awareness Day, serving as a reminder that it’s a good time to review your insurance coverage and ensure that it still fits your needs.

This is particularly true for health insurance and making sure you have the right amount of coverage at an affordable cost.

Health insurance can be expensive, so being able to claim a tax deduction for some of your insurance costs can help you save come tax time.

Since there are specific rules and qualifications you must follow, here’s an overview of when you can and cannot claim a tax deduction on your health insurance.

When health insurance is not tax-deductible

If you didn’t pay for health insurance, you can’t take a tax deduction for it. If your employer pays your health insurance premiums, you can’t deduct those costs. However, if an employer only pays for part of your…

View original post 440 more words


2 thoughts on “When Can You Claim a Tax Deduction for Health Insurance?

  1. WHY? Why does one “need” some type of health care coverage? Insurance lobbyists? In 1997-
    1998, I thought I “needed” BC/BS or some sort of health insurance since I had it all my life. Turns out I had to pay $525 a month (the cheapest I could get with a 5K deductible). In those two years I went to the ‘doc in a box’ exactly 2 times. No more paying for insurance for me!

    In 2004, I had to pay ‘up front’ $5K for a d&c to a hospital. The anesthesoligist was asking for $400, my doc was asking for $450,

    Now, remember “with” BC/BS I had a 5K deductible. Essentially paying $11,300 per year for insurance. This particular hospital stay – after I talked to all of the providers and told them I had no insurance cost me: $3200 for hospital, $99 for anesthesia, $250 for my doc. Grand total: $3549.

    Foot doc I took my mother to: they gave me medicare rate of $40 vs the $120 they charged insurance patients for a visit.

    I’ve been getting my annual mammogram for $35-50 each for the last 15 years. This year, since I now have Medicare, the bill came to $200!! What’s up with that??

    I’ve been buying my own blood tests at the same place that the Medicare doc sends me to for $87 each. Medicare gets billed way more than that.

    This is Government Fraud in the most spectacular way as far as I’m concerned.

    • Negotiating a better price has been the main driving force in business since day one. I agree that all of these “set” prices should be up for negotiation every year. Plans, medicine, equipment, you name it.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s