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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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โˆ™ 2015-07-16 19:26:35
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Q: 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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Related Questions

can I use my payments for a private medical plan as a medical deduction thanks ?

As long as you meet the guidelines to be able to deduct medical expenses, payments for private insurance are deductable.

When should you buy private medical insurance?

You should buy private medical insurance at any time that it works for you. As health care expenses soar, companies are shifting a large percentage to their workers.

Who are the suppliers for private health insurance?

Premier Choice Group is a leading provider of private health insurance. They also offer international coverage which is great for travelers and expats. Many people don't realize that health insurance usually do not cover medical expenses that are incurred abroad.

How can private health insurance benefit you?

Private health insurance can benefit you in a number of ways. First, and probably most importantly, it can greatly alleviate out of pocket medical expenses. It can also protect you and give you peace of mind in the event of an unexpected accident/injury.

What is covered under private medical insurance?

Coverage under private insurance varies greatly based on your carrier and your deductible. Most private medical insurance is a cushion against major catastrophes like a sudden heart attack.

What is a Medicare supplement plan?

Medicare is medical insurance that the government provides at age 65- but it does NOT cover all medical expenses. A Medicare Supplement plan is additional insurance that you buy from a private company that will cover the medical expenses that Medicare does not cover.

Do you need to notify private insurance if you go on SSI?

Anytime you have private medical insurance, you are required to notify them of any other medical coverage you have. So, yes, you do need to notify them if you are now covered under SSI medical.

What is one company that offers private medical insurance?

Private medical insurance is offered by several different companies. You can start by looking into companies like Anthem and Blue Cross Blue Shield.

What is the function of private hire insurance?

Private hire insurance is insurance provided to Private Hire drivers, or Taxi drivers, as they're better known! The function is to provide insurance and indemnification against legal and medical costs in the event of an accident.

Where can one find information on private medical insurance in the UK?

A great website to check out to get information on private medical insurance in the United Kingdom is the website known as Bupa. The website offers free quotes to get started.

Does Medicare or private insurance cover the cost of dentures?

Medicare and most of private insurances will not cover cost of dentures. You are required to get separate dental insurance and such cover also will not cover expenses immediately but for that you have to have policy for specific past duration.

What is private health care system?

A private health care system is a medical system run independently from the State funded either by personal out of pocket payments or an individuals medical insurance.

Where can one find an objective comparison of private medical insurance providers?

There are a number of third party agencies that rate medical insurance providers. EHealthInsurance, Health-Insurance-Comparison, and HealthInsuranceSimplified all provide comparison tools.

Do you have to reimburse private insurance company for medical bills?

May request you to reimburse those bills

What is the average cost of family medical insurance?

The average cost of family medical insurance in the United States is about $1000 per month. Most other countries do not need private health insurance because the have health care from their governments.

What types of medical systems does the US Government offer to citizens?

The US Government offers health insurance for employees in the public sector. For employees in the private sector, they have to purchase their own medical insurance.

What is a good source for medical benefits?

Medical benefits are available through several different sources. In Canada, private medical insurance can be purchased for whatever the provincial medical plan doesn't cover. Many full-time jobs also offer medical and dental insurance packages.

What does corporate private medical insurance do?

Corporate health insurance covers many individuals as a group. This allows companies to purchase health insurance for their employees at a better rate than other types of insurance.

Why is it that private insurance companies are not considered as financial institutions?

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Captured medical personnel are not considered pow's?

All military personnel, be they medic, chaplain, private, or general, can be considered POWs.

Which insurance options are offered by AXA Healthcare?

AXA Healthcare offers a variety of health care insurances. They offer one private medical insurance, cash plans, dental insurance and even child health insurance.

What does crossover mean in medical insurance terms?

A crossover claim is the transfer of claim data from Medicare to those of another relevant insurer, private or public. The recipient of the information might be Medicaid, a state agency or a private insurance company.

Can Doctor's refuse Medicaid?

They certainly can. Medicaid is a state run health insurance for the those eligible. Think of it as a business. Medicaid is just another health insurance to medical private offices, but it doesn't pay as well as other private insurances. As the result, many medical offices do not sign up with Medicaid.

Why is a private pleasure boat insurance considered as a high risk insurance instead of as a consumer insurance in Spain?

Check out a Company Called UMU they have a Boat Insurance Basic page that answers some great questions about the the insurance policies.

What is a medical savings account?

are not health insurance plans in the strict sense, but offer a partial alternative to expensive individual private insurance plans.are similar to Individual Retirement Accounts.must be combined with a qualified high-deductible private health plan