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Health Insurance Premium Tax

Gary Said:

how can i tell if my health insurance benefits are pre taxed?

We Answered:

Ask your employer. They will tell you. Actually they should provide a form for you to sign every year verifying your benefit selections and how you want to have your healthcare premiums treated.

Nearly all healthcare insurance through a job are part of a Section 125 plan and are deducted pre-tax. You generally have the option to pay them with tax paid dollars but I'm at a loss to explain how that could be beneficial to anyone.

Justin Said:

Can I claim my monthly health insurance premium on my taxes as a deduction?

We Answered:

If your monthly premium is deducted after tax, you can, but if it is deduted before tax, then you cannot.

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