Cycling and bicycle discussion forums. 
   Click here to join our community Log in to access your Control Panel  


Go Back   > >

Foo Off-Topic chit chat with no general subject.

User Tag List

Reply
 
Thread Tools Search this Thread
Old 09-25-08, 08:14 AM   #1
timmyquest
Banned.
Thread Starter
 
timmyquest's Avatar
 
Join Date: May 2005
Location: Woodstock
Bikes:
Posts: 5,761
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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".
timmyquest is offline   Reply With Quote
Old 09-25-08, 08:26 AM   #2
trsidn 
Meadow Party Member
 
trsidn's Avatar
 
Join Date: Jul 2007
Location: Putting the 'fun' in dysfunctional
Bikes: Cannondale CAAD8, Trek SU200
Posts: 280
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 40 Post(s)
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 ElJamoquio View Post
.... Other than being completely wrong, you're correct.
trsidn is online now   Reply With Quote
Old 09-25-08, 08:27 AM   #3
ModoVincere
Riding Heaven's Highways on the grand tour
 
ModoVincere's Avatar
 
Join Date: Aug 2006
Bikes:
Posts: 1,675
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.
__________________
1 bronze, 0 silver, 1 gold
ModoVincere is offline   Reply With Quote
Old 09-25-08, 08:29 AM   #4
trsidn 
Meadow Party Member
 
trsidn's Avatar
 
Join Date: Jul 2007
Location: Putting the 'fun' in dysfunctional
Bikes: Cannondale CAAD8, Trek SU200
Posts: 280
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 40 Post(s)
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 ElJamoquio View Post
.... Other than being completely wrong, you're correct.
trsidn is online now   Reply With Quote
Old 09-25-08, 08:30 AM   #5
nekohime
I... Don't care.
 
nekohime's Avatar
 
Join Date: Sep 2007
Location: Sunny SoCal
Bikes:
Posts: 1,279
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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
nekohime is offline   Reply With Quote
Old 09-25-08, 09:20 AM   #6
black_box
Fax Transport Specialist
 
black_box's Avatar
 
Join Date: May 2008
Location: chicago burbs
Bikes: '07 fuji cross pro, '10 gary fisher x-caliber
Posts: 898
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 4 Post(s)
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.
black_box is offline   Reply With Quote
Old 09-25-08, 09:23 AM   #7
timmyquest
Banned.
Thread Starter
 
timmyquest's Avatar
 
Join Date: May 2005
Location: Woodstock
Bikes:
Posts: 5,761
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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...
timmyquest is offline   Reply With Quote
Old 09-25-08, 09:31 AM   #8
Lollygag
Rookie
 
Lollygag's Avatar
 
Join Date: Aug 2008
Location: North America
Bikes:
Posts: 14
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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.
Lollygag is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -6. The time now is 10:30 AM.