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Posted by Rhickey on March 5, 2008, 10:31 pm
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> 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
> --
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> << The foregoing was not intended or written to be used, >>
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> << that may be imposed upon the taxpayer. >>
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> << 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. >>
<< ------------------------------------------------------- >>
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