Is a Health Insurance Premium Tax-Deductible?

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There are some general guidelines as to whether or not a health insurance premium is tax deductible. Find out if a health insurance premium is tax deductible with help from a dedicated insurance professional in this free video clip.

Part of the Video Series: Insurance Help
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Video Transcript

Hi, my name is Doug Levi. I'm with Strategic Insurance Services and today I'm going to talk to you about is my health insurance premium tax deductible. The first thing I'm going to suggest to you is to consult with your CPA or accountant. I'm not a qualified tax professional, those people are. The second thing that I would say to you, there are some general guidelines. Typically an employer, when contributing to a group plan, is able to deduct on his taxes. The third thing that I would say to you is that a health savings account, or an HSA. That's an account where you set up separately from your insurance premium that goes and sits in a bank and I can contribute money into that bank account to help prepare for any of my health care costs. That can be tax deductible. In summary, I would really suggest sitting down with your, not only your insurance agent, but a good tax adviser to find out the details on this. This has been is my health insurance premium tax deductible. You can get more information on health insurance at our website, Tampa Bay Insurance dot net. My name is Doug Levi. I'm with Strategic Insurance Services.

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