Is Critical Illness Insurance Tax Deductible?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaGenerally Critical Illness Insurance is not tax deductible? Premiums paid under a stand-alone critical illness policy are capital outlays and not an expense incurred by a taxpayer for the purpose of gaining or producing income from a business or property. If you’re young enough for disability insurance and you have a business scenario for the deduction, you may be able to accomplish some of your goals.Answered on May 29, 2013+01+1 this answer
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63333 POINTSview profilePeggy MaceMost of the U.S.No, Critical Illness Insurance is not considered a medical expense and is not tax deductible. Like Disability Insurance, premiums that are paid with taxed income will provide a benefit that is does not incur income tax, if a benefit is collected due to contracting one of the policy's listed critical illnesses.Answered on August 31, 2013flag this answer
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