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Hazel Said:

Does individual health insurance qualify for tax deduction?

We Answered:

Healthcare Insurance Premiums are deductible as part of Medical and Dental expenses. Only the amount of all of your medical and dental expenses that exceeds 7.5% of your Adjusted Gross Income can be deducted.

A better bet is to see if your employer offers a Section 125 Premium Conversion Plan (more commonly known as a "Cafeteria Plan", which would allow your employer to deduct the cost of the premiums pre-tax and send it directly to your insurance company. If your employer was willing to do this, then ALL of the money you spend on health insurance would be tax-free (not just income tax, but free of all OASDI, Medicare, and State taxes as well).

Tanya Said:

insurance tax on premium?

We Answered:

Not unless you insure though a UK branch of the insurance company, because there is no way the UK can recover the tax from an overseas company.

Randall Said:

can we get tax exemption towards premium paid for my brothers insurance?

We Answered:

You can pay your brothers insurance premium. But you cannot claim the tax benefit for your brothers insurance premium paid by you. But your brother can claim it as exemption treating the premium amount paid by you as loan for him.

Tyler Said:

If I change health insurance from my work's group plan, how does that affect my before-tax premium payments?

We Answered:

If you drop your company's health plan, you won't be able to pay your health insurance premium with pre-tax dollars.

You can drop coverage at any time, it's getting it back that has to wait for OE.