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