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Frederick Said:

A health insurance question?

We Answered:

Can't answer #1.

But yes, premiums are only deductible if they are post-tax, not pre-tax. And also, don't forget the 7.5% qualification - you can only deduct health care items that are over 7.5% of your AGI.

Brad Said:

Individual health insurance for a couple with one healthy teen--high-deductible or low-deductible?

We Answered:

Since u are healthy you should consider getting off COBRA ASAP. An individual/family plan should be almost half the cost of the COBRA.By keeping COBRA you run the risk of developing a medical problem that will make you ineligible for a individual/family health plan later on. When the COBRA time period ends you will be in trouble. Get off of it now. Most plans I sell are now $1,000 ded or $2,500 ded. Run the quotes and see what premiums make sense to you. You will have to pay this premium yourself and your company cannot deduct it pre-tax anymore but if you want a GREAT tax deduction look at an HSA plan. Look at the $5,450 family deductible plan and you can make a yearly contribution of this amount to your HSA and get a top-line tax ded on your IRS 1040 (line 28). The monies can then be used for qualified medical expenses subsidized, in effect, by the tax savings.

Tina Said:

Can I write off my Cobra Health insurance premiums?

We Answered:

Insurance premiums are not tax deductible.

Warren Said:

social security income and paying health insurance premium?

We Answered:

Yes, she can claim the premiums, but yes she'd have to meet the 7.5% of income rule. If ss is her only income, she doesn't owe any tax, so there would be no point in itemizing.

Lucy Said:

Are my health insurance preiums paid through my employer tax deductible as health care expenses?

We Answered:

I don't think so. You pay the premiums pre-tax directly from your paycheck right?

Kyle Said:

What are your experiences with HSAs (Health Savings Accounts)?

We Answered:

They are not all use it or loose it. Some let you roll you money over from year to year. You will still get reduce rates for medical services since you have insurance but you will have to pay out of pocket and get reimbersed from the HSA. Some require reciepts, some don't. After 65 you can ussually use the money in your HSA for whatever you want with no penalty. They are a good option if you don't go to the docotr very much sincce the premiums are way lower. But if you have small children I wouldn't recommend it. When I had my HDHP/HSA I just paid my medical expenses out of pocket and left all of my $ in my HSA sort of like and additional retirement savings but I had very little medical expense.