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When can an employer deduct premiums paid for long term group disability?
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Can you deduct group insurance premiums on taxes?
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
Is group life insurance deductible as a business expense?
An employer's contribution to a group insurance plan is deductible as a business expense. This benefit is not taxable to the employee. An employee may not deduct a portion of the premium he cost shares with his/her employer. Typically a group benefit plan includes drug and dental coverage, lfe and long term disability . Where there may be cost sharing of the premium, an employer's contribution shoud always be to the health and dental portion. If any part of the premium for the long term disability is paid for by the employer, should the employee become disabled, then that benefit (usually up to 67% of the pre-disability earnings) would be taxable in the hands of the employee.
Is there supplemental disability insurance?
Yes, and it's recommended to add supplemental disability insurance to cover closer to 100% of your income. If you have disability insurance through your employer, your benefit will be capped at 66% of your income. The benefit received from a group disability policy (through your employer) is taxable. Supplemental disability insurance benefits are not taxable. You can add Catastrophic rider on an individual disability insurance policy, to cover up to 100% of your income in combination with your existing employer group DI.
In what class of life insurance are individual life insurance policies issued to members of a group with an employer or other body collecting or remitting the premiums to the insurer?
"In what class of life insurance are individual life insurance policies issued to members of a group with an employer or other body collecting or remitting the premiums to the insurer?"
Can employers office group life insurance to employees on a pre-tax basis?
If I'm understanding the question correctly, then yes, employers can deduct premiums for group life insurance on a pre-tax basis.
Can an employer offer to pay Medicare and Medicare Supplement premiums of the Medicare eligible employees and dependents if the employee wants to move off of the employer sponsored group health plan?
no
Who pays the premium for group life insurance?
Group life premiums are generally paid by the employer, or the owner of the master policy (business owner, Association, Fraternal organization, etc).
What is the general group disability payout for individuals?
If I am reading the question correctly you are asking how much you would collect on disability on a group claim. The answer to that would be on your employers policy. Every policy is differant for each employer. Some companies will pay out 100% of your pay will others may only pay 50%, 60%, 70% and so on, you would need to ask your employer
What is the shortest possible elimination period for group short-term disability benefits provided by an employer?
o days! Not all employers offer that through.
Who pays disability income?
Disability income can be paid by a private insurance company that is licensed and authorized to issue disability income policies in the state of policy issuance. The policy can provide short-term or long-term benefits, depending upon its terms. It is designed to replace income lost due to a disabling sickness or accident specified in the policy. Often, short-term disability insurance is furnished as a benefit of employment by employers for eligible employees. In those cases, the employer may either have purchased a group short-term disability policy, or self-insure for the payment of short-term disability benefits. In general, if one purchases private disability coverage and him/herself pays the premiums for it, the benefits that are paid are not taxable.
Do you have to pay taxes on life insurance inheritance?
Taxes on a individual life insurance policy is generally not taxable in any manner. A main factors in deciding the taxabiity of this is who paid the premiums for the life insurance and whether or not it was deducted on a tax return. If the premium was paid through a group life plan where the employer paid the premiums entirely then it would be taxable. Most employee benefit plans are set up by professionals who are aware of such things and make sure that the small premiums for the life and disability insurance are paid by the employee with after tax money so that tax problems do not arise.
How much does employer pay for group disability?
The amount your employer pays for the cost of your group Disability insurance is uncertain. Some companies will pay for the full premium, others pay for 50% and some will not pay any of the premium but offer coverage on a voluntary basis instead. You should also know that if your employer pays for your group Disability benefits, the benefits will be paid on a taxable basis. Hence the 60% benefit you expect to receive will be taxed and reduced to more like 45% income replacement. For this reason, many employees in this situation, such as Federal employees, will purchase supplemental coverage on the individual market. In order to find out what percentage of the cost your employer pays, you must ask or review your benefits program brochure, if you are provided one.
