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Question 1 of 3 in Tax Implications |
There are tax-qualified and non-tax qualified plans: a brief word |
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“Qualified contracts” are defined in the Health Insurance Portability and Accountability Act (HIPAA) that was passed by Congress in 1996. Under a qualified policy, a licensed health care professional must certify every year that you are "chronically ill" and that you have a plan of care. The major benefit of a qualified plan is the deductibility of its premiums, subject to limits, as medical expenses. In addition, the benefits received under qualified plans will not be taxable as income.
Regulations have not been issued regarding the taxability of benefits received under non-qualifying plans; however, the benefit provisions of a qualified plan may be more restrictive that those of a non-qualified plan.
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