tax benefits for dependent coverage

by Guest » Tue Jan 22, 2013 02:00 pm
Guest

Hello

I am new to this forum, and found this forum to be quite active. Came to know that there are tax benefits attached to the dependent coverage for the young adults. Can anyone explain the details about it? Will the benefits be applicable even if the parent has his health plan through the employer?

Total Comments: 3

Posted: Wed Jan 23, 2013 06:00 am Post Subject:

The only tax benefit of personal insurance is claims dollars do not have to be reported as income.

Posted: Wed Jan 23, 2013 02:06 pm Post Subject:

The value of any employer-provided health coverage for an employee's child is excluded from the employee's income through the end of the taxable year in which the child turns 26. This benefit comes into effect anyway - whether the plan or the insurer is required by law to extend health care coverage to the adult child or the plan or insurer voluntarily extends the coverage. The exclusion is applicable to any coverage that is provided to an adult child from March 30, 2010 through the end of the taxable year in which the child turns 26.

Posted: Thu Feb 28, 2013 11:28 am Post Subject:

Yes The only tax benefit of personal insurance is claims.

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