Are My Health Insurance Premiums Tax-Deductible?
Are My Health Insurance Premiums Tax-Deductible? Monday January 25, 2010 #spacer{clear:left}#abc #sidebar{margin-top:1.5em}zSB(3,3) It’s tax time again and you may be wondering if your health insurance premiums are tax-deductible. It depends on who you are and who you work for. Self-Employed: If you are self-employed, the answer often is yes — the premiums you pay to cover yourself and your dependents probably are tax-deductible. They are not, however, if you, your spouse, or your dependents are covered by another employer’s group health insurance plan. Health Savings Accounts: If you work for a company that offers health insurance as part of what’s known as a cafeteria plan, you may have a health savings account (HSA). The contribution you make to yourHSA is 100% tax deductible up to a limit of $5950 forfamily coverage and $3,000 forindividual coverage — for 2009. If you arenot self-employed, and you don’t work for a company that provides health insurance with a cafeteria plan,the I
