We all know about Medical Insurance but many of us dont really have such insurance policies. To motivate people to get insured, the government has provisions under section 80D to help you reduce your tax liability if you have such policies. The premium amount, which is paid for medical insurance policy for self and family members to protect them from sudden medical expenses, comes under this section. The maximum amount allowed for exemption annually for self, spouse and dependent parents/children is Rs. 15,000. In case of a senior citizen, the maximum amount extends up to Rs. 20,000. If you are paying the premium for your parents (whether dependent or not), you can claim an additional maximum deduction of Rs. 15,000.
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See this link http://www.irs.gov/taxtopics/tc502.html Toward the bottom of the page you will find:Medical expenses include insurance premiums paid for accident and health or qualified long-term care insurance. You may not deduct insurance premiums for life insurance, for policies providing for loss of wages because of illness or injury, or policies that pay you a guaranteed amount each week for a sickness. In addition, the deduction for a qualified long-term care insurance policy's premium is limited. Refer to Publication 502 , Medical and Dental Expenses.
Depends, homeowners insurance does have a liability section in it, and you are liable for the person helping you gets hurt, then yes, but if you are not liable then your insurance will not respond, here in ONtario there is a section in the liability called Voluntary medical payment where you can provide monies to the injured person wheather you are liable or not. This is usually limited to an amount such as $500-$2000 and this coverage does not require you to pay a deductible but will affect your insurance premium wise.
Section 79 of the Internal Revenue Code contains all of the provisions needed for a corporation to install group health insurance plans. These plans are non-qualified but still offer a tax-deduction.
Government or Local Civic Body make a provision in their budget for the payment of the premium paid towards insurance provide to the economically weaker section of the society.
In order to obtain Part D drug coverage on a Medicare plan, one must join an insurance company or private company which has been approved by Medicare. Once you join, you usually pay a monthly premium.
You might be thinking, section 80C has an upper limit of 1 lakh. So, any insurance premium paid upto Rs. 1 lakh is eligible for Tax Deductions. Whats the big deal about it?Did you really think that?Unfortunately my friend, its not that simple. The actual premium paid is considered fully for tax exemption (with a higher limit of 1 lakh, of course) only if the amount does not exceed 20% of the Policy's Sum Assured
Yes. Health insurance premiums are tax deductible to an individual under IRC Section 213(d).
When you first start applying for a new medical insurance policy, you will have to fill out various insurance forms that will be submitted to the insurance company. When filling out these forms, it is very important that you fill the forms out fully and accurately. You will need to pay close attention to the pre-existing conditions, health hazards, and family history section. Based on what you write in these sections, the insurance company will determine your insurance premium costs and whether some conditions will not be covered. If it is determined that these forms were filled out inaccurately, you could lose coverage when you need to make a claim.
It is possible to buy international medical insurance from Aetna International. Simply go on 'Find a plan' under the 'Individuals and Members' section, and type your personal info as well as your country's info to get international medical insurance they provide for you to buy.
The pretaxing of disability premiums is a decision made by employers when setting up Section 125 benefit plans. There are three possible configurations: pretax only, after tax only, or employee chooses. When the premium is paid pre-tax the benefit becomes taxable when an employee is disabled. The employer and employee would both have a FICA or payroll tax obligation for the benefit paid. The insurance company may issue a 1099 statement for the benefits. There is no Ohio law changing the IRS guidelines on this topic that I am aware of.
Answer Sir, I can only quote you regarding Canadian Law that says if your wife is paying for your Medical Insurance through her job as a payroll deduction she can take you off anytime she wishes. Under Canadian Laws a wife or husband is not held responsible for the other one's health insurance needs. Hope this was helpful, but if not, perhaps you can contact the Health Insurance Board where you live. If you choose to buy insurance, then as a general rule, nobody can force you to keep buying the coverage. Yes, you can drop coverage. However, if you are paying for the coverage through IRS Section 125 with pre-tax funds through your employer, then you may (or may not, depending on the circumstances) be able to reverse your decision to reduce your pre-tax earnings.