Women health
*Women health>>>Health Insurance

Health Insurance Tax Q?

I have a parent who will be retiring soon, due to inability to work. They will be 62. I am buying health insurance for them, and this will be about 700 dollars a month plus medicine.

My question is, can my parent write this off their taxes?

Also, if not...what if my parent established a sole propriership or LLC? Could they then write off health insurance costs? Is the write off only equal to the cost of business expenses. Or will a good portion be reimbursed?

Thanks

You should post this in tax questions. But establishing a company with out any income won't give any benefit for deducting the cost of medical care.

I would suggest looking into a high deductible plan with a health savings account. The high deductible plan will have more out of pocket expense but the lower premium may off set the higher out of pocket. The HSA might not provide the tax savings it normally does but a tax advisor is needed for this situation.

A tax advisor will also be able to help you determine if you can claim your parent as a dependent.

I'm not sure how they would be able to right it off if you are paying for the health insurance. The question to ask an accountant is if you can write off the medical coverage cost. I suspect the answer is no.

If you are looking for alternative health insurance quotes:

http://www.ohioinsureplan.com/index.php/...

get help from insurance agent

Tags
Irritable Bowel Syndrome Liposuction Lung Cancer Lupus Health Insurance Heart Disease Hepatitis High Blood Pressure HIV Homeopathy
Related information
  • Health Insurance Tax Q?

    You should post this in tax questions. But establishing a company with out any income won't give any benefit for deducting the cost of medical care. I would suggest looking into a high dedu...

  • Health Insurance for Immigrant 65+?

    It depends on where you live, in the DC area she could sign up for Kaiser and Carefirst Blue Cross most of the other carriers do not issue coverage over age 65 or for people who have not been in th...

  • Health insurance for an eigteen year old?

    Health insurance for an eighteen year old can be very in expensive depending on the deductible and the benefits you select. With all the different health carriers and plans available most peopl...

  • Health insurance - canceling one person on policy?

    Hey Lisa - is your husband coming home disabled? (IBS) If he is, you should look at the VA website in their health care section. You and your son would qualify for a program called "CHAMPVA&...

  • Health insurance in florida?

    The key is really to compare rates from multiple companies often (at least once every 6 months) to find the best health insurance rates. Some of the top health insurance companies in Florida are...

  • Health Insurance Belgium?

    Basic health insurance is covered, both in the Netherlands and Belgium, by the government. In Belgium the best way to comply to the regulations to be insured is to be employed. People living of s...

  • Health Insurance - Im looking for the basic emergency cover.?

    I just came across this website, you may find many useful information on health insurance quotes, hopefully may help you: ...

  • Health Insurance sucks - how do I prepare for another sickness?

    Getting prior authorization from your insurance company for any procedures is standard among many health insurance plans these days. So no, it is not weird and your GP should have the necessary fo...

    •    

    Health Categories--Copyright/IP Policy--Contact Webmaster
    The information on whfhhc.com is provided for educational and informational purposes only and is not a substitute for medical advice or treatment for any medical conditions.