cancer insurance

Discussion in 'Tax' started by Rhickey, Mar 5, 2008.

  1. Rhickey

    Rhickey Guest

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

    --
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    Rhickey, Mar 5, 2008
    #1
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  2. Rhickey

    ed Guest

    On Mar 4, 9:30 pm, "Rhickey" <> 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. >>
    << ------------------------------------------------------- >>
     
    ed, Mar 5, 2008
    #2
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  3. Rhickey

    mmurrell Guest

    On Mar 4, 9:30 pm, "Rhickey" <> 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. >>
    << ------------------------------------------------------- >>
     
    mmurrell, Mar 5, 2008
    #3
  4. 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. >>
    << ------------------------------------------------------- >>
     
    Harlan Lunsford, Mar 5, 2008
    #4
  5. Rhickey

    Phil Marti Guest

    "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. >>
    << ------------------------------------------------------- >>
     
    Phil Marti, Mar 5, 2008
    #5
  6. 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. >>
    << ------------------------------------------------------- >>
     
    Harlan Lunsford, Mar 5, 2008
    #6
  7. Rhickey

    Rhickey Guest

    "Harlan Lunsford" <> wrote in message
    news:pjGzj.198$...
    > 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. >>
    << ------------------------------------------------------- >>
     
    Rhickey, Mar 6, 2008
    #7
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