This is one secret the IRS doesnt want you to know about your health insurance img

This is one secret the IRS doesn’t want you to know about your health insurance.

Tax Season is here, which means that it’s the time of the year to pay your federal and state taxes. However, there may be more ways to save on tax season this year that the IRS is not telling you. When you pay your health insurance premiums and medical expenses out-of-pocket, these expenses are considered tax-deductible.

Health insurance premiums are deductible on federal taxes, as these monthly payments for coverage are classified as a medical expense. The general rule is that if you pay for medical insurance with out-of-pocket money, then you would be allowed to deduct the amount from your taxes. If you buy medical coverage through an insurance marketplace, then premiums would be tax deductible as a medical expense.

The most common concern that people have with individual or group health insurance is whether it will actually save money on healthcare costs. It’s the reason why many people turn to a health insurance broker when they need coverage. Simply put, health insurance does save you money on medical expenses. Specifically, health insurance can save you thousands of dollars on major medical expenses such as surgeries, diagnostics, and other larger medical procedures.

How a Health Insurance Plan Protects You

When you have coverage, your plan protects you from high medical expenses in the following ways:

1. Reduced Costs After You Meet Your Deductible 

  • Once you meet your plan’s deductible, the plan covers part of your medical expenses. Health insurance plans can cover between 60% and 90% of your covered expenses after you’ve met your deductible.

2. Out-of-pocket maximum

  • This is the total amount you’ll have to pay no matter how much covered care you get in a plan year. Once you pay your deductibles, coinsurance, and copayments, the plan pays for any covered care for the rest of the year. It provides important peace of mind and protection from very high medical costs.

3. No Yearly Or Lifetime Limits

  • No health insurance plan can put dollar limits on how much they’ll spend each year or over your lifetime to cover essential health benefits.

How Much Can I Save?

It’s no secret that the cost of medical care is climbing. The percentage of increase is unclear. However, recent reports suggest that costs have increased by as much as ten percent over the last five years. As it stands, the average cost of healthcare per person is just above $12,000 annually. Keep in mind that per-person spending does not include health insurance premiums.

Alternative non-ACA health insurances, such as Insurance Enterprise, offer multiple plans available from multiple insurance companies that you can choose from. Simply undergo a routine underwriting process to see if you qualify.

Quick Summary: Applying for non-ACA Health Insurance plans may help you save money this coming tax season by providing multiple plans with varying levels of control. A health insurance that works FOR YOU, not the government. Click here to see if you qualify.