The IRS Deductions Blog

Posts Tagged ‘hsa’

Question: Is the health insurance premium what we pay is deductible in taxes ?

- Our employer offers a High Deductible Health Insurance (blue cross blue shield)
- My employer pays the premium for me, which they have too.
- I paid for my family ( wife +kid) from my pay check.
- Every month around $500 gets deducted from my pay checks for health insurance.

- Now year end its around $6000 I would have paid for my family health insurance

- Now Can i show this $6k as itemized deduction in my taxes ?

- we do have an HSA account as well, I would have spent around $1.5K for medical expenses.

- Can I show $6K + 1.5K = $7.5K towards my medical expenses during taxes ?

- My gross salary is $48K
I looked at my pay check and this is what it says:

Taxes:
====
Federal Withholding
SS Employee
Medicare Employee
IL-Withholding

Adjustments to Net Pay:
==================
Medical Insurance:
HSA

So is my medical premium I am paying (pre) or (post) tax dollars ?

Answer: The premiums that you pay should be paid using “pre-tax” dollars, which means they’re already been “deducted” from your income. So you don’t get to claim them on your Schedule A as an itemized deduction.

Same thing goes for your HSA.

Items on Amazon Right Now for Medical Expenses Tax Deduction Hsa:

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Health Savings Account

Items on Amazon Right Now for 2009 Hsa Deductible Limits:

This is a Backgrounder On Health Care

Abstract: On its one-year anniversary, Obamacare’s unpopularity is growing. Its hodgepodge of mandates and regulations have reduced competition in health insurance markets and increased the cost of coverage.

House Session 2011-01-07 (12:04:21-13:34:46)

Question: Copayment in Medical Insurance?

I have a medical insurance from bluecross blue shield. Its a PPO plan with deductible of $2000. My copayments for office visit is $15. Now does this mean that if I visit a doctor for regular consulting, I pay only $15 and walk off irrespective of deductible or I have to pay $2000 deductible before I avail any insurance claims. Pls advice.
Thanks for your response. But will i still be able to make use of my copays for doctor’s visit without paying deductible or not?

Answer: healthquotes.awardspace.info – my family have this health insurance. It is affordable and has good coverage for dental issues.

Items on Amazon Right Now for Copayments And Deductibles:

Health Care Spending Caps Will Protect New Hampshire Families From Catastrophic Medical Expenses

Nearly 50,000 Granite Staters currently face the threat of catastrophic family health care expenses from serious, unexpected injuries or illnesses, such as accidents, sports injuries, cancer, diabetes, and other diseases. A new cap on out-of-pocket expenses, a key provision of the Affordable Care Act, will help those families protect both their health and their budgets…

Elizabeth Kucinich describes HR 676 – Single Payer Healthcare

Question: High Deductible HSA?

My husband’s company just dropped ALL insurance plans except a high deductible HSA with a $6,000 annual Family Deductible. Before the insurance will pay one cent we will have to come up with over $10,000 a year (premiums plus deductible). Our previous plan was an HMO and the premiums were the same as this HSA plan except we only paid a $20 copay for most services. I don’t understand how this plan is supposed to save us money and improve our health (according to the literature sent to us). Does anyone who have kids have this type of plan? Would it be better for us to shop around for our own coverage (since based on the premiums, it appears hubbies employer is not paying any portion of them)?

Answer: You come out ahead if you don’t use the insurance much. The HSA can be used for any medical expenses (some include OTC medications like Tylenol!) HSAs are also from your pre-tax income, so you’ll come out a little better tax-wise too. And the newer ones can be rolled over year to year, so if you don’t use it this year, you’ll have it for next year. (Find out if yours is like this.)

Items on Amazon Right Now for Hsa High Deductible Plan:

County to participate in discount prescription program

Hunt County residents will soon have access to a new discount prescription program.

High Deductible Health Plans – Important Questions to Ask

Question: How much do a baby’s vaccinations and checkups cost?

I need to consider family insurance options, and am tending towards thinking a high deductible/HSA option is right for me. The rub is that we have a new born who will need a several routine checkups and vaccinations throughout the first few years. Anyone have an idea how much this would cost at Out of Pocket rates?
Unfortunately healthquotes is inaccessible to me from either of my home or work computers. Any other sources?

Answer: You can easily check your minimal health care rates in internet, for example here – healthquotes.awardspace.info

Items on Amazon Right Now for Hsa Deductible:

Medical shopping can save you money

Do you shop around when your doctor orders a test? A 5 On Your Side investigation found you could be paying hundreds of dollars extra per test if you don’t search for the best deals.

How HSAs Work