Health Insurance

Tax efficient health planning strategies:
Is your family's health worth an additional $50 per year?
If you can spare an additional $50 a year to put toward your family's health, you can potentially afford an individual health plan. This is because if you are self-employed, your premiums may be tax deductible. Heres an example...

Approximate cost per year, for a family of three $1,400

Tax savings at a 32.5 percent marginal tax rate (455)

Net plan cost (including tax savings) $945

*If your marginal tax rate is higher you gain an even greater tax savings*

Saved annual expenses (these are conservative estimates!)

Dental check-ups and cleanings (two adults and one child) $455

Fillings and dental work $200

Eye exam and glasses $140

Prescription drugs $100

Total expenses $895

Net plan cost $50

*including tax savings and existing expenses

*Now consider the "what-ifs"....such as a root canal or chipped tooth, an ambulance ride, a hospital stay, or an unexpected medical condition, and you come out way ahead!