How should I do health insurance deduction from paycheck if I choose my own health insurance ?

Question

I want to choose my own insurance instead of company sponsored plan.

Usually when we elect company sponsored plan the premium on health insurance

is tax deducted from the paycheck. But if I choose and pay my own insurance Can I still make tax deducted from each paycheck? or should I apply tax deduction during tax filing?

Answer 1

hi,

i have found this site one. hope will be useful. check it out :

http://looking-insurance.blogspot.com

Answer 2

I hope my suggestion could be helpful.And here is resource that I am used to use.Check it out.http://health-insurance.expert-tip.info/...

Answer 3

You can't payroll deduct if you are paying your premiums on a private insurance plan. The insurance company will be billing you not your company. If you are self-employeed, have 1099 income, you deduct the premiums from your taxes. You have to weigh the pros and cons of each and make an informed decision on which is better for you.

Answer 4

Some states don't allow "list billing," where your employer deducts your individual health insurance premiums from your paycheck pre-tax by using a "Cafeteria Plan".   If your state allows list billing, your employer agrees to set it up, and your chosen insurance  company agrees to list bill, it usually isn't allowed if your employer also offers a group health plan.

You are wise in choosing an individual policy because you own the policy, not your employer.  

Also, I am not a tax guy, but I don't think you can deduct your insurance premiums on your 1040.

Don

http://mtnhealthinsurance.com

Answer 5

You need to talk to your employer's payroll dept.