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Health insurance premiums can sometimes be a tax deduction. Depending on the type of policy you have, and how you file your return, you could benefit from tax deductions. More often, healthcare expenses (instead of premiums) receive the best tax treatment.
For example, a Health Savings Account (HSA) will allow you to deduct qualified deposits into the side-account. The money you deposit must be used for health, dental or vision expenses that are approved by the IRS.
If you itemize, under certain circumstances, you can deduct some medical expenses if you meet certain restrictions.
US Health Advisor, US Health Group, 2250 Point Blvd suite 322, Elgin IL. 60123
Premiums are tax decuctible for any self employed person or business owner if they utilize an IRS sanctioned health reimbursement program called a HRA105. To take advantage of the HRA105 you must have a written document prepared by a professional at an average cost of $300. USHeath Advisors business association will prepare the documentation free for clients or association members.For individuals;an HSA (Health Savings Account) would be the way to go. Although it does not give tax breaks on premiums; it does on deductibles, dental, chiropractic etc.
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For example, a Health Savings Account (HSA) will allow you to deduct qualified deposits into the side-account. The money you deposit must be used for health, dental or vision expenses that are approved by the IRS.
If you itemize, under certain circumstances, you can deduct some medical expenses if you meet certain restrictions.