Sep
24
Are there better options for individual health insurance – from a tax standpoint?
Filed Under Individual-Health-Insurance-Plans
Ken T asked:
My employer does not provide health insurance. After extensive research, my wife and I found a suitable policy for ourselves that provided sufficient insurance coverage without breaking the bank. The major downside I see is that we are paying for the coverage with post tax money – yes our premium goes toward our itemized deductions, but that is no where near comparable to paying with pre-tax money. Am I wrong about this? Is there a better way to approach this?
It just doesn’t seem right that I am punished merely because my employer is a small business, not able to participate in a group insurance plan.
Leanna
My employer does not provide health insurance. After extensive research, my wife and I found a suitable policy for ourselves that provided sufficient insurance coverage without breaking the bank. The major downside I see is that we are paying for the coverage with post tax money – yes our premium goes toward our itemized deductions, but that is no where near comparable to paying with pre-tax money. Am I wrong about this? Is there a better way to approach this?
It just doesn’t seem right that I am punished merely because my employer is a small business, not able to participate in a group insurance plan.
Leanna
