Is Geisinger Health Insurance Premiums Tax Deductible?
The question of whether or not Geisinger health insurance premiums are taxable is a big one. A lot of people have never even considered that their premiums are taxable. Some people have even been told that it is illegal to have the premiums included in their tax returns. While there are certainly some people who make this claim, most people understand that their premium payments are subject to taxation.
It should be said that just because your premium payments are tax-deductible does not mean that they are subject to the same type of income tax that you would face if you were to file a federal tax return. In fact, you should keep in mind that premiums paid to an insurance company on behalf of a group can be viewed as a form of pre-paid insurance. In other words, they can be seen as a form of insurance for which you will only be taxed if and when you require it. In many cases, if you are not covered by your employer, you may qualify for group insurance plans. This will result in your premiums being sent directly to you by your insurance carrier.
There are also circumstances where you may be able to claim deductions against the amount that you pay in health insurance premiums. For instance, if you are considered a self-employed individual, you may be able to include in your income your premiums. Another situation where you may be able to deduct your premiums is if you are under age 65. However, you should be aware that if you are not eligible for self-employed status, you may not be eligible to claim any of these deductions.
When you make your premium payments, you are generally obligated to make the full amount of the premiums up to a certain point in time. At some point, you may have to either pay additional money or take out another health insurance plan if your original plan was not providing you with adequate coverage.
One of the reasons that insurance companies give you a deduction when you make your premium payments is to offset the cost of advertising your health insurance policy. By spreading your costs out over a long period of time, you are effectively lowering the amount that you pay in premiums. By spreading the cost out over a long period of time, you are effectively reducing the amount that you pay in taxes. If you have been told that you cannot deduct the premiums that you have already paid, then you should not hesitate to contact your tax preparer immediately.
There are several options available to you if you want to know if your Geisinger health insurance premiums are taxable. If you want to go through with making a claim, then you should talk to your tax preparer before beginning to do so. In many cases, if you are unable to make your initial claim, then your premiums will still be deductible. You can also consult with your accountant about whether or not the amounts that you are currently paying out in premiums will be taxable.
Many individuals assume that if they cannot make any claims on their health insurance premiums, their premiums will never be taxed. Unfortunately, if you do claim on the policy, then you will be taxed on the difference between what you are paying in premiums and the policy cost. In some cases, you can claim back part of the premium that you have already paid out. This is usually taxable to you, however, you can also claim back the entire amount that you have paid.
In conclusion, if you have been told that you cannot claim any of your premiums, you should not hesitate to contact your accountant or your tax preparer for further clarification. There may be other options available for you to claim the tax deduction that you need. This will ensure that you get all of the assistance that you need to make sure that you are not affected by the Geisinger health care reform. To make sure that you are properly represented, you should retain the services of a qualified tax professional.
> Check out: Indianapolis Health Insurance Agent