Have you noticed that the cost of insurance has gone up year after year? Are you aware that premiums have increased over 54% since 2009?
The IRS has recently issued regulations that may help you with the cost of your insurance. It has now allowed two different types of medical plans to be considered medical deductible expenses on your tax return.
These are direct primary care and healthcare sharing ministries. In direct primary care, you would arrange with the doctor the actual cost of services and pay to them directly. Under the healthcare sharing ministries, a group is organized under agreed upon beliefs, and then you share the cost of the expenses among all the members.
The IRS has said that these would be allowable medical deductions, and many would consider these as potential options moving away from the traditional medical insurance. There are pros and cons to each, so it’s important for you to talk to either your insurance agent or your CPA to see if this is right for you.
If you have more questions, you can search the IRS website for this topic at www.irs.gov.
If you have any other questions regarding your bookkeeping or payroll services, feel free to reach out to us as well at (310) 534-5577 or firstname.lastname@example.org. We’re here to help you.