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Are All Health Insurance Premiums Tax Deductible?
There are lots of people who often enquire ‘Are health insurance premiums tax deductible?’ Well, we cannot say a definite yes or a no. If the question is asked to a whole lot of people, they might say no because there are certain exemptions under which health insurance premiums of people are not tax deductible at all. If you are an employer who pays insurance premiums completely or partly for your employee, then you are eligible to obtain deduction on health insurance premium tax.
When you purchase insurance policies, you need not pay sales tax for it. If you are wishing to act sensibly in terms of health insurance policies, it would be better to acquire term health insurance. These insurances are found to provide protection for the financial future of your entire family. In the event of your unexpected demise, your family would be able to avail the benefits of the policy. Thus your family will get complete protection during this period and they can meet their different expenses like the education fund of children, pay mortgage on home loan, medical expenses, funeral and burial expenses etc.; all of which would fall under the coverage of the term health insurance policy.
Another major advantage that is pointed out in case of term health insurance is the absence of medical examination while taking the policy. Normally, all other insurance policies require medical fitness certificate for taking the policy. Hence, term health insurance policy can be considered as one of the quickest way to take a policy without any kind of consultation with a doctor and wasting money on different medical tests.
A term health insurance policy can be purchased online and you can compare the prices offered by different companies and decide upon the one best suited for you. You can even take a print out of the same if you wish. There are no hidden fees associated with term insurance policies and you will find it quite easy to carry out the process yourself.
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Tax Deductibility Of Health Insurance Premiums
Securing a term health insurance policy can help you relax as the costs associated with this policy are quite less and you will have the satisfaction that your dear ones will enjoy financial protection in your absence.
The discussion would obviously have given a clear answer to your question, ‘Are health insurance premiums tax deductible?’ Do ample research before choosing a policy that is ideal for you and your family.
