Health Insurance Chicago Illinois IL
Reader’s Question:
Health insurance seems like the hot topic wherever I go. My traveling partner told me that he was able to save some of the pain of health insurance by claiming significant tax savings for himself and his family. I health insurance in Chicago Illinois IL and I just want to know what’s the allowable.
Judy
Chicago, IL
If you have not been claiming reductions for certain health insurance expenses on your tax returns in Chicago Illinois IL, you may want to see a professional tax filer and determine your options form past filings. I am not a tax expert, but I can be certain that health insurance items are definitely deductible.
If you pay your own health insurance or premiums for your dependents a part of those payments are probably deductible. You should summarize the premium expense and be sure you maintain accurate records of these. Even if you contribute to a group health insurance plan at work, you should be prepared to itemize your contribution so you will know where your money goes. Ask you employer for annual statements reflecting your contributions for previous years so that you will have accurate records as to where your remittances go.
You could also compile all prescription payments and combine them with all health care deductibles that you have paid for yourself and your dependents and try to do the same exercise for your dental expenses and you may have some sizeable health insurance deductions. You can always take all this information to a tax advisor in Chicago Illinois IL and see if this remedy will reduce the pain.
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