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R.R. Donnelley & Sons Company Message Board

  • mwidny mwidny Oct 28, 2004 5:30 PM Flag

    Private Health Insurance

    I'm new to the company and the working world, having just graduated from college. If I purchased my own healthcare, would I be able to write it off on my taxes? I know that it's pre-taxed if I go through our plans, but the costs are so high that perhaps I can save money buying it on my own. Any suggestions are appreciated. Thanks.

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    • If you itemize your deductions on your tax return, ie mortgage interest, taxes, contributions etc, you can list medical expenses and insurance premiums would be deductible. However, medical expenses are not deductible until they exceed 7.5% of your income.

      If you earn $30,000, the first $2,250 is not deductible.

      For someone in your position the health savings plan is the way to go.

    • In answer to your questions:
      1. If you are self employed, i.e. you have a corporation and provide yourself healthcare through it, you may deduct it. Otherwise, if you buy it directly, it is not deductable.

      2. The only way you are going to get it cheaper on the open market is through a group you belong to, such as a professional organization. Otherwise, you are going to pay a LOT more as an individual.

    • I really doubt if you can buy it cheaper by yourself.Something cheaper maybe,but with less coverage.

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