Health Insurance Tax Q?

Question

I have a parent who will be retiring soon, due to inability to work. They will be 62. I am buying health insurance for them, and this will be about 700 dollars a month plus medicine.

My question is, can my parent write this off their taxes?

Also, if not...what if my parent established a sole propriership or LLC? Could they then write off health insurance costs? Is the write off only equal to the cost of business expenses. Or will a good portion be reimbursed?

Thanks

Answer 1

You should post this in tax questions. But establishing a company with out any income won't give any benefit for deducting the cost of medical care.

I would suggest looking into a high deductible plan with a health savings account. The high deductible plan will have more out of pocket expense but the lower premium may off set the higher out of pocket. The HSA might not provide the tax savings it normally does but a tax advisor is needed for this situation.



A tax advisor will also be able to help you determine if you can claim your parent as a dependent.

Answer 2

get help from insurance agent

Answer 3

I'm not sure how they would be able to right it off if you are paying for the health insurance.  The question to ask an accountant is if you can write off the medical coverage cost.  I suspect the answer is no.

If you are looking for alternative health insurance quotes:

http://www.ohioinsureplan.com/index.php/...