tax credit or tax deductable health care

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tax credit or tax deductable health care

the company i work for has cancelled our insurance and we are now resposiable for the entire dollar amount. Is this tax deductable or can i have the amount taken off my pay roll check before taxes are taken out?

Asked on June 12, 2009 under Insurance Law, Maryland

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The premiums can be paid from pre-tax dollars, if your employer provides that option.  There's no reason not to, really, since your employer also realizes a savings if you use it.

As far as the the premiums being tax deductible, that will depend on your entire income and medical expense situation, and you should review that with your tax preparer.


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