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  1. #1
    Banned. timmyquest's Avatar
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    Paying for your own insurance, a few questions

    First off, can you write your own medical insurance off of your taxes?
    Second, how much are you looking at per year for a 20 something individual for basic medical coverage?

    I've got two jobs that i feel good about getting. One would suck, pays less, but has benefits. The other i would like, pays more, but does not have benefits. Trying to figure which one would be "safer".

  2. #2
    Squirrelly Member trsidn's Avatar
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    Quote Originally Posted by timmyquest View Post
    First off, can you write your own medical insurance off of your taxes?
    Second, how much are you looking at per year for a 20 something individual for basic medical coverage?

    I've got two jobs that i feel good about getting. One would suck, pays less, but has benefits. The other i would like, pays more, but does not have benefits. Trying to figure which one would be "safer".
    If I recall correctly, you can write off medical expenses, including insurance premiums if they exceed a certain percentage of your income. In other words, you have to be pretty sick. Or sick a lot.
    Quote Originally Posted by Nicodemus View Post
    Yet more proof that I'm.. well, pretty much right about everything.

  3. #3
    Banned. ModoVincere's Avatar
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    Quote Originally Posted by trsidn View Post
    If I recall correctly, you can write off medical expenses, including insurance premiums if they exceed a certain percentage of your income. In other words, you have to be pretty sick. Or sick a lot.
    That's how I remember it. I think you can deduct expenses greater than 10% of AGI.

  4. #4
    Squirrelly Member trsidn's Avatar
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    Quote Originally Posted by ModoVincere View Post
    That's how I remember it. I think you can deduct expenses greater than 10% of AGI.
    AND you are itemizing on your taxes.
    Quote Originally Posted by Nicodemus View Post
    Yet more proof that I'm.. well, pretty much right about everything.

  5. #5
    I... Don't care. nekohime's Avatar
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    Quote Originally Posted by timmyquest View Post
    First off, can you write your own medical insurance off of your taxes?
    Second, how much are you looking at per year for a 20 something individual for basic medical coverage?

    I've got two jobs that i feel good about getting. One would suck, pays less, but has benefits. The other i would like, pays more, but does not have benefits. Trying to figure which one would be "safer".
    If you have no preexisting conditions, it will be ok. Good luck finding insurance if you're like me and have asthma or something. Depends on the state and company, but here in SoCal the rates for Kaiser Permanente are around $150-200, depending on the type of plan you want to get.
    Wanna join my charity folding bike ride? Sign-up here!
    Quote Originally Posted by AEO View Post
    you should learn to embrace change, and mock it's failings every step of the way :p

  6. #6
    Fax Transport Specialist black_box's Avatar
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    call around and get quotes, thats the only way to tell with insurance. When I had COBRA insurance right after college, it was around $300 per month. COBRA is allegedly less than individual coverage, but more than what an active employee would have to pay.

  7. #7
    Banned. timmyquest's Avatar
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    Coo...thx for the info

    I'm healthy as a healthy cat. No allergies, no conditions, never even been in a hospital except for a few stitches...

  8. #8
    Rookie Lollygag's Avatar
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    COBRA is nothing more than continuing your coverage you had with your employer, but you are paying 100% of the cost. And if you have a condition that might prevent you from getting individual coverage elsewhere, you might want to hang on to it if 1. you can afford and 2. you need it.

    That threshold for "writing off" your insurance costs... not sure if that includeds the premiums but I can't remember. You gotta really incur some serious medical expenses to hit that amount. You should probably hope you don'thave to.

    How much it will cost you will depend on a lot of things (your deductible and other conditions). My advice is to decide how much you want to spend per month on a health insurance policy, shop around (like black box said) and get the best coverage you can get for what you can afford.

    Good luck!
    Last edited by Lollygag; 09-25-08 at 11:13 AM.

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