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Can I Deduct Health Insurance Premiums Deducted From My Paycheck - Return of prime principal Illness guarnatee

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The need for supplemental condition assurance policies has never been greater than it is today in 2012. Over the past twenty years working Americans have seen the costs for their healing coverage skyrocket. Even in cases where the manager pays 100% of the employee-only selected for healing insurance, the cost for dependents has increased significantly. To combat these increases most working Americans have seen their financial exposure growth through higher deductibles and coinsurance as well as the elimination of co-payments. Today it is not unusual to see private out-of-pocket exposure as high as 00 or more and in many cases it is as much as ,000.

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Can I Deduct Health Insurance Premiums Deducted From My Paycheck

While a potential out-of-pocket exposure of ,000 may not appear to be financially devastating, the facts tell a very distinct story. According to a Cambridge Hospital / Harvard University 2007 study 62.1% of all bankruptcies were directly associated to a healing event. That is up by 50% since the same study was done in 2001. What is striking is that 75% of these bankruptcies were individuals that were college educated and had healing insurance. And despite what many assurance agents and financial may think disability wage would not have been much help. Very often the qoute is the healing condition of a spouse or child that results in the traditional breadwinner missing work. But this only explains why a significant illness policy may have value.

The Statistics about significant Illnesses

In order to explicate the sale of significant illness assurance most agents use these statistics:

1 out of 2 citizen will be diagnosed with cancer 5 million citizen will suffer a heart strike each year Every 20 seconds someone has a heart attack

But these statistics belie a more prominent truth,most citizen will not be diagnosed with cancer than will. For citizen under 35 years of age the risk of cancer is 1out of 69. Reconsider this fact from the Heart Foundation: there are 8 million women living with heart disease but only 35,000 are under age 55.

Those statistics do not mean that an private should not buy significant illness insurance, because they most right on should since there is no way to know whether you are that 1 in 69 that will be diagnosed with cancer this year or that you are in the 35,000 women that will be diagnosed with heart disease. And that is why return of selected policies are so important!

Rop - A Great Buy

As I stated earlier, the position of most financial advisors is that the return of selected rider does not make good financial sense. I will tell you that they are dead wrong! Working Americans would be hard pressed to find a best use of their assurance dollars. It is true that the rider ordinarily increases the base selected for any supplemental condition policy by 40% to 50%. But that ignores the fact that is the private does not get diagnosed with a qualifying healing condition he will receive a check for 100% of the premiums paid, less any claims. With one of my carriers that check is paid every twenty years and the insured still retains the policy at the initial premium. Here is an example from one assurance company:

A male non-smoker under age 39 can purchase a ,000 significant Illness policy for a low .80 annually. That same policy with return of selected would be 1.20, a contrast of annually. At the end of twenty years assuming no claims that private would receive a check for 24. If the insured had invested that annually he would have had to have earned more than 10% on that money to generate the same 24 he will receive. Since the median Working American is living paycheck to paycheck, return of selected assurance provides the best of all potential outcomes.

There is a huge need for significant illness assurance and even greater need to have a policy where the insured benefits financially regardless of outcome.

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