Is individual health insurance deductible?
Hi… couple of facts….
1. My husband’s company does not offer health insurance, so we buy his own individual policy.
2. I have a preexisting condition that his individual policy won’t cover, so I have a state sponsored insurance policy. I also have a small policy that my work requires me to have.
We pay $209/ mo for him and $477 for me out of our own pockets. Would we be able to deduct all of this or is there a limit on how much we can deduct?
Bill K posted: 29 Aug at 11:01 am
healthplans.bebto.com – here is my health insurance plan. As I remember they can provide such a service.
CarVolunteer posted: 29 Aug at 11:09 am
It is deductible as medical expense, but first you add up all your medical expenses, then subtract 7.5% of your Adjusted Gross Income, then you add all the rest of your deductions Schedule A, and if that total is more than the standard deduction, you use it instead of the standard.
SHARON S posted: 29 Aug at 11:37 am
To Be honest,It will take a little time to find the answer for the question of yours.have a look at the resource here http://www.HealthInsuranceIdeas.info/free-online-health-insurance.htm for your reference .