What is the difference between having my health insurance premiums deducted on a pre-tax or post-tax basis?
Pre-tax status allows you to have your health insurance premiums deducted on a before tax basis. Participation in this program may lower your taxes. However, it will limit some types of voluntary changes you can make to your plan outside of the option transfer period. **Please note: Pre-tax status will also reduce your social security income.** Post-tax status means that you will pay taxes on your premium amounts, but it will allow you to make voluntary changes in your plan outside of the option transfer period.
Related Questions
- If the employee paid premiums on a post-tax basis, do I still need to report the disability benefits paid on a Form W-2 since it is non-taxable income?
- What is the difference between having my health insurance premiums deducted on a pre-tax or post-tax basis?
- What is the difference between pre-tax and post-tax long-term disability (LTD) plans?
