Health Insurance Benefits Taxable
Maria asks…
Supplemental health insurance benefit taxable?
I have Conseco Supplemental Health Insurance, like cancer insurance, heart/stroke insurance and accidental injury insurance.
Are the benefits (money) paid directly to me from this treated as income?
My medical expenses for this year will be way above 7.5% of gross income after benefits are paid by my major medical insurance (Blue Shield). So I would need to do a deduction of my income.
However, I heard supplemental insurance benefits are like Life Insurance payment which are not treated as taxable income, so there is no need to declare the benefit as income. Of course, at the same time, I could not declare the premium paid by me to purchase the supplemental health insurance as an expense either. Please help.
Chris Station answers:
I think that it’s just like any other health insurance…the premiums are deductible medical expenses and the benefits will reduce your out of pocket med expenses…the difference should be deductible to the extent that it exceeds 7.5% of your adjusted gross income.
Lisa asks…
How Legislation moving health insurance from a pretax benefit to taxable income could affect a CO. COPERATIONS?
Specifically how could it affect a company’s operations management strategies?
Chris Station answers:
Yeah, you asked this already.
It changes the cash flow.
Mark asks…
How Legislation moving health insurance from a pretax benefit to taxable income could affect a CO. OPERATIONS?
Specifically how could it affect a company’s operations management strategies?
Chris Station answers:
Not much. It will just shift more cost to the employee.
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