Health Insurance Costs Like Premiums & Deductibles

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In almost any area of your life, if you don’t have a clear idea of your expenses, you may feel like you’re not in control. But, when you get clear about all the costs, you feel in control, helping you make the right choices. To get a clear understanding of your health insurance costs, the first step is to look at all the key types of costs, not just obvious expenses. It’s a lot like adding up your automobile expenses – some of the clear costs include your car payment, insurance, gas, oil changes and repairs. Less obvious costs include the finance charge on your payment, windshield wiper fluid and parking tickets. Let’s take a look at obvious health insurance costs and some examples.

Health insurance tax deductions save money. Do you qualify?

Most taxpayers can only deduct allowable medical expenses that exceed 10 percent of “adjusted gross income” (AGI). That’s the amount you earn in a given year from wages, investments and other sources minus what you paid for alimony, student-loan interest and a few other things. So, if a married couple has $100,000 AGI and $10,500 of qualified medical expenses, they can deduct only $500–$10,500 minus $10,000 (10 percent of their $100,000 AGI). Seniors age 65 or older can deduct any medical expenses above 7.5 percent of AGI.

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