Consumers Want Tax-Free Insurance Premiums, Just Like Businesses

Forty-seven percent of Americans surveyed by HealthPocket said individual health insurance premiums should be tax-free, just as they are when employers buy it for their workers.

Bruce Telkamp, CEO of HealthPocket said, “With the administration’s decision to delay the employer mandate, more employed people will enter a reformed individual market in 2014. They will experience an unfavorable tax environment compared with coverage paid by their employer.”

Those buying insurance on their own can’t take advantage of the same tax advantages that businesses get. However, the self-employed can treat themselves as employers by deducting health insurance premiums from taxable income under the following circumstances:
They made a profit for the year, and they were not eligible to enroll in a health plan provided by a former employer, spouse’s employer, or former spouse’s employer.
For others, privately purchased health insurance is paid with after-tax dollars except for any premium amount that exceeds 10% of adjusted gross income for the year. For more information, visitwww.HealthPocket.com.

Last Updated 11/18/2020

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