Self employed health insurance deduction.

[grandmabee]

I attended an update class this weekend and it was talked about the Medishare health "insurance" could in 2020 be deductible.  I find where it is deductible under Schedule A as medical, but they also said as a self employed health insurance deduction under adjustments.  I can't find that in my research.  Has anyone seen this new law?  Can you point me in the right direction?  TIA

[Lee B]

What is "Medishare", all parts of Medicare are deductible as SEHI?

[DANRVAN]

13 hours ago, grandmabee said:

Has anyone seen this new law

Proposed Reg 1-213-1 gives health share membership payments the same status as health insurance premiums.

Therefore, health share qualifies for both Schedule A and the SEHI deduction.

The proposed reg was in response to Executive Order 13877 back in 2019 which was directed to give health shares equal footing with health care premiums. 

[DANRVAN]

27 minutes ago, cbslee said:

What is "Medishare",

She is referring to "health share plans"; Medishare is one of many.

I joined one called "Solidarity" a couple years ago.  My wife and I were paying over $24,000 a year in premiums for two healthy individuals in their 50's.  Now we pay less than $5,000 per year.

[Abby Normal]

35 minutes ago, DANRVAN said:

She is referring to "health share plans"; Medishare is one of many.

I joined one called "Solidarity" a couple years ago.  My wife and I were paying over $24,000 a year in premiums for two healthy individuals in their 50's.  Now we pay less than $5,000 per year.

But what is the coverage like? Are these plans nonprofit to keep the overhead down?

[DANRVAN]

23 hours ago, Abby Normal said:

But what is the coverage like? Are these plans nonprofit to keep the overhead down?

The first year I broke my ankle with an ER visit.  My out of pocket for the year was around $500.

Health share plans are not for every one, but for those who pledge to live a healthy lifestyle.  The plan promotes wellness and prevention.

So if you are a chain-smoking, pro motocross racer that eats three times a day at McDonalds; you need not apply!

[Medlin Software, Dennis]

I was updating life and disability coverage, and had to admit, it has been more than 20 years since I was involved in any of the "risky" activities...  Good for the policy costs, but sometimes I long for those days of perceived invincibility.

My dad was about 25 in the image for my profile.  I was but a pea sized being.  Those cars were built like tanks, many raced for more than a decade.  The drivers were mere pinballs wearing penny loafers, chinos, and t-shirts, with a leather object which kept their hair in place more than protecting their brain.