Are short-term and long-term disability insurance costs deductible as medical expenses on fed. income tax?
I chose to purchase this insurance and the cost is deducted from my paycheck by my employer.
Public Comments
- Disability premiums are not deductible. But, if you ever collect from this policy, since you paid the premiums with before-tax dollars, the benefits are tax-free to you. A good deal, IMHO.
- No. Long-term care insurance is deductible, but not disability insurance.
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