Tax Deductibility Example for Health & Dental Plan

Did you know...

because you're self-employed, your health and dental plan could essentially pay for itself.

If you're self-employed or are an employee of your own business, health and dental premiums may be a non-taxable benefit and a tax deductible expense. For others, the premiums may qualify as a medical expense and create a tax credit.

Here's how:

Health and Dental Plan Annual Premium:	$1050
Tax deduction assuming 40% marginal rate	-$420
Total Net Cost	$630
Saved Annual Expenses (paid through health & dental plan)
Prescription Drug costs	-$180
Dental costs	-$200
Contact lenses	-$100
Chiropractor/Registered Massage Therapist	-$150
Total Expenses	-$630
Your Cost	$0

The above is for illustrative purposes only and is not meant to be representative of every situation. You should seek the advice of a professional to determine your eligibility for tax deductions.