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If you incur medical expenses for cancer and have private medical insurance that covers cancer is the insurance payout considered taxable income?

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No. You have already paid taxes on the money that you used to pay the insurance premiums.  
I am an insurance agent that works for a company that sells cancer insurance. Your payouts MAY be subject to taxation if your premiums were paid through your employer, and they pre-taxed them. It is important to seek the advice of a tax professional to ensure that you report all necessary income.
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