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Tax Treatment of Personally owned Heath Plans
Premiums
Medical/Dental & QLTC plans are age based limits w/ % of gross income being deductible.
Disability and A D&D plans are NOT deductible
Benefits
All benefits are Tax free
QLTC has inflation indexes limits for indemnity plans
Tax Treatment of Employer paid Group Heath plans
All plans deductible to employer & non taxed to employees
All tax free
(Except disability)
Tax Treatment of of Employee paid group
On Plans are not deductible except QLTC which has gross income deductibility
Business Disability Insurance Tax
Buy-Sell: premiums non-deductible;benefits not taxed
Key Person
Business Overhead: are deductible and taxable
Health Savings Accounts - HSA
Individually owned
Taxable contributions
Tax Free withdrawals used to pay qualified medical expenses
Must have high deductible health plan
Account values accumulate from year to year
Medical Savings Accounts
For small employers 50 or less
Self employed
Deductible contributions
Must have High Deductible Plan
Accumulated from year to year
Tax free withdrawals
New plans not allowed after 2006
Health Reimbursement Account -HRA
Established by employer
Employer contributions are pretax
High Deductible plan not required
Employees can use monies in HRS to pay deductibles, copays, and coinsurance
FSA
Employee authorize his employer to reduce employee’s salary
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