Taxation /PA Health Insurance - X. Federal Tax Considerations for Accident and Health Insurance
PA Health Insurance - X. Federal Tax Considerations for Accident and Health Insurance
This deck covers key federal tax considerations related to accident and health insurance, including taxation of premiums, benefits, and consumer-driven plans.
In group health insurance, how are premiums paid by the employer for disability income insurance taxed?
Tax deductible as a business expense
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Key Terms
Term
Definition
In group health insurance, how are premiums paid by the employer for disability income insurance taxed?
Tax deductible as a business expense
Are key person disability premiums deductible to the business?
no, but the would receive benefits tax free.
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How are the benefits received by a business in a disability buy-sell arrangement?
income tax free to purchase the business interest of a disabled partner.
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What is the purpose of a health savings account?
Help save for qualified health expenses for themself, spouse or dependent when covered by a high deductible plan. Contributions are not included in th...
Name several consumer driven plans.
Health Savings Account, Health Reimbursement Account, Flexible Spending Account.
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| Term | Definition |
|---|---|
In group health insurance, how are premiums paid by the employer for disability income insurance taxed? | Tax deductible as a business expense |
Are key person disability premiums deductible to the business? | no, but the would receive benefits tax free. |
How are the benefits received by a business in a disability buy-sell arrangement? | income tax free to purchase the business interest of a disabled partner. |
What is the purpose of a health savings account? | Help save for qualified health expenses for themself, spouse or dependent when covered by a high deductible plan. Contributions are not included in the individual’s taxable income. |
Name several consumer driven plans. | Health Savings Account, Health Reimbursement Account, Flexible Spending Account. |