Accountant Forums


Reply
Thread Tools

cancer insurance

 
 
Rhickey
Guest
Posts: n/a
Thanked:
 
      03-05-2008, 03:30 AM
Is there any cancer insurance that is deductible as a medical expense?

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
Reply With Quote
 
 
 
 
ed
Guest
Posts: n/a
Thanked:
 
      03-05-2008, 06:33 PM
On Mar 4, 9:30*pm, "Rhickey" <(E-Mail Removed)> wrote:
> Is there any cancer insurance that is deductible as a medical expense?
>
> --
> << ------------------------------------------------------- >>
> << The foregoing was not intended or written to be used, * >>
> << nor can it used, for the purpose of avoiding penalties *>>
> << that may be imposed upon the taxpayer. * * * * * * * * *>>
> << * * * * * * * * * * * * * * * * * * * * * * * * * * * * >>
> << * The Charter and the Guidelines for submitting posts * >>
> << *to this newsgroup as well as our anti-spamming policy *>>
> << * * * * * * * * *are atwww.asktax.org. * * * * * * * * >>
> << * * * * Copyright (2007) - All rights reserved. * * * * >>
> << ------------------------------------------------------- >>


Any health insurance is deductible.

ed

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
Reply With Quote
 
 
 
 
mmurrell
Guest
Posts: n/a
Thanked:
 
      03-05-2008, 07:20 PM
On Mar 4, 9:30*pm, "Rhickey" <(E-Mail Removed)> wrote:
> Is there any cancer insurance that is deductible as a medical expense?
>
> --
> << ------------------------------------------------------- >>
> << The foregoing was not intended or written to be used, * >>
> << nor can it used, for the purpose of avoiding penalties *>>
> << that may be imposed upon the taxpayer. * * * * * * * * *>>
> << * * * * * * * * * * * * * * * * * * * * * * * * * * * * >>
> << * The Charter and the Guidelines for submitting posts * >>
> << *to this newsgroup as well as our anti-spamming policy *>>
> << * * * * * * * * *are atwww.asktax.org. * * * * * * * * >>
> << * * * * Copyright (2007) - All rights reserved. * * * * >>
> << ------------------------------------------------------- >>


If the premium is paying for medical care from complications of
cancer, the premium is a medical expense. If the premium is paying a
death benefit in case the purchaser dies from cancer, the policy is
not deductible.

========================================= MODERATOR'S COMMENT:
Please eliminate all unnecessary parts of the post to which you are
responding.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
Reply With Quote
 
Harlan Lunsford
Guest
Posts: n/a
Thanked:
 
      03-05-2008, 10:00 PM
Rhickey wrote:
> Is there any cancer insurance that is deductible as a medical expense?
>

Since I am "way down in Columbus, Georgia", I have to put in a plug for
de duck. (Quack!)

Seriously, AFLAC, whose commercials you've surely seen on tv, is
headquarterd here and said cancer insurance does qualify for tax deduction.

However their disability policies may or may not, depending on whether
or not pre tax.

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
Reply With Quote
 
Phil Marti
Guest
Posts: n/a
Thanked:
 
      03-05-2008, 10:54 PM
"Harlan Lunsford" wrote:

>> Is there any cancer insurance that is deductible as a medical expense?

> Since I am "way down in Columbus, Georgia", I have to put in a plug for
> de duck. (Quack!)
>
> Seriously, AFLAC, whose commercials you've surely seen on tv, is
> headquarterd here and said cancer insurance does qualify for tax
> deduction.


I've never looked closely at any such policies for the reason that I
couldn't see the point. It seems to me they're either health insurance,
life insurance, or disability insurance with a special restriction.

If indeed there's a policy that pays off like a slot machine if you are
diagnosed with cancer, I can't see that the premiums would be deductible.
Same for death and disability. Only if it just covers medical expenses
would I see it as a medical expense.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
Reply With Quote
 
Harlan Lunsford
Guest
Posts: n/a
Thanked:
 
      03-05-2008, 11:50 PM
Phil Marti wrote:
> "Harlan Lunsford" wrote:
>
>>> Is there any cancer insurance that is deductible as a medical expense?

>> Since I am "way down in Columbus, Georgia", I have to put in a plug for
>> de duck. (Quack!)
>>
>> Seriously, AFLAC, whose commercials you've surely seen on tv, is
>> headquarterd here and said cancer insurance does qualify for tax
>> deduction.

>
> I've never looked closely at any such policies for the reason that I
> couldn't see the point. It seems to me they're either health insurance,
> life insurance, or disability insurance with a special restriction.
>
> If indeed there's a policy that pays off like a slot machine if you are
> diagnosed with cancer, I can't see that the premiums would be deductible.
> Same for death and disability. Only if it just covers medical expenses
> would I see it as a medical expense.
>

BEcause; proceeds are paid over to the hospital for chemo therapy,
radiation treatment, whatever. I speak from experience, for my father
had the covereage.

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
Reply With Quote
 
Rhickey
Guest
Posts: n/a
Thanked:
 
      03-06-2008, 03:31 AM

"Harlan Lunsford" <(E-Mail Removed)> wrote in message
newsjGzj.198$(E-Mail Removed)...
> Phil Marti wrote:
>> "Harlan Lunsford" wrote:
>>
>>>> Is there any cancer insurance that is deductible as a medical expense?
>>> Since I am "way down in Columbus, Georgia", I have to put in a plug for
>>> de duck. (Quack!)
>>>
>>> Seriously, AFLAC, whose commercials you've surely seen on tv, is
>>> headquarterd here and said cancer insurance does qualify for tax
>>> deduction.

>>
>> I've never looked closely at any such policies for the reason that I
>> couldn't see the point. It seems to me they're either health insurance,
>> life insurance, or disability insurance with a special restriction.
>>
>> If indeed there's a policy that pays off like a slot machine if you are
>> diagnosed with cancer, I can't see that the premiums would be deductible.
>> Same for death and disability. Only if it just covers medical expenses
>> would I see it as a medical expense.
>>

> BEcause; proceeds are paid over to the hospital for chemo therapy,
> radiation treatment, whatever. I speak from experience, for my father
> had the covereage.
>
> ChEAr$,
> Harlan Lunsford, EA n LA


Pub 502 page 9 contains the following

"Insurance Premiums You Cannot Include



You cannot include premiums you pay for:

Life insurance policies,

Policies providing payment for loss of earnings,

Policies for loss of life, limb, sight, etc.,

Policies that pay you a guaranteed amount each

week for a stated number of weeks if you are hospitalized for sickness or
injury,"





Assume the insured has adequate coverage elsewhere to pay all bills without
the necessity to use the cancer insurance proceeds. Looking at the last
item (guaranteed amount each week...). Are the premiums still deductible?

Ron


> --
> << ------------------------------------------------------- >>
> << The foregoing was not intended or written to be used, >>
> << nor can it used, for the purpose of avoiding penalties >>
> << that may be imposed upon the taxpayer. >>
> << >>
> << The Charter and the Guidelines for submitting posts >>
> << to this newsgroup as well as our anti-spamming policy >>
> << are at www.asktax.org. >>
> << Copyright (2007) - All rights reserved. >>
> << ------------------------------------------------------- >>


--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
Reply With Quote
 
 
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Tax Issues Re: Fund Raising for Cancer Treatment layman Tax 17 06-04-2010 06:57 AM
cancer and financial planning/home purchase JoeM Financial Planning 0 05-10-2008 09:06 PM
Find informations about Auto Insurance, Life Insurance,Car Insurance, Compare Insurance devser2006@gmail.com US Taxes 0 10-13-2006 02:28 PM
Anthrax, AIDS, Cancer, Baldness Cures...when will it soar? wallstreetscoop@yahoo.com Microsoft Money 0 06-22-2006 06:50 PM
3-time cancer survivor ingridskat@aol.com Accounting 7 03-06-2004 03:02 PM


All times are GMT. The time now is 09:20 AM.
Posts in this forum do not constitute the advice of AccountantForums.com or its members. Financial advice should always be taken from qualified advisors before committing to a financial decision.