Health Insurance Premiums and Benefits (ID A/H/S)

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Question 1 of 5

1. Question

Which of the following statements is true about premiums paid by individuals?

Premiums paid by individuals for their health insurance policies normally are tax deductible; however if the individual itemizes, then he or she is not eligible for the deduction. Another qualification is that total of premiums and unreimbursed medical expenses cannot exceed the standard deduction.

Premiums paid by individuals for their health insurance policies are always tax deductible.

Premiums paid by individuals for their health insurance policies are never tax deductible.

Premiums paid by individuals for their health insurance policies normally are NOT tax deductible; however, if the individual itemizes deductions and the total of premiums and unreimbursed medical expenses exceed a certain amount of adjusted gross income, the excess amount is tax deductible.

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Question 2 of 5

2. Question

Which of the following statements is true about premiums paid by employers?

Premiums paid by employers for health insurance policies that benefit employees and/or their families ARE a tax deductible business expense—but only if the premiums exceed 10% of the employer's NET income.

Premiums paid by employers for health insurance policies that benefit employees and/or their families ARE a tax deductible business expense—but only if the premiums exceed 10% of the employer's GROSS income.

Premiums paid by employers for health insurance policies that benefit employees and/or their families ARE a tax deductible business expense.

Premiums paid by employers for health insurance policies that benefit employees and/or their families are NOT a tax deductible business expense.

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Question 3 of 5

3. Question

Which of the following statements is NOT true?

Premiums paid by businesses for disability income insurance related to buy-sell agreements or key person insurance ARE tax deductible.

Premiums paid by businesses for health insurance policies that benefit employees and/or their families ARE a tax deductible business expense.

Premiums paid by businesses for business overhead expense (BOE) disability income insurance ARE a tax deductible business expense.

Premiums paid by businesses for disability income insurance related to buy-sell agreements or key person insurance ARE NOT tax deductible.

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Question 4 of 5

4. Question

If the individual payor of health insurance premiums receives a tax deduction, the premiums are said to be paid with

pre-tax (before-tax) dollars.

after-tax dollars.

no-tax dollars.

post-tax dollars.

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Question 5 of 5

5. Question

Which of the following benefits are taxable income?

Benefits received by insureds through individual health insurance policies

Benefits received by employees through group health insurance policies (other than group disability income polities)

Benefits received by businesses through business overhead expense (BOE) disability income insurance

Benefits that businesses receive through disability income insurance related to buy-sell agreements or key person insurance

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Health Insurance Premiums and Benefits (ID A/H/S)

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