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What are Dental Insurance Premiums?
Dental Insurance Premiums are the standard premiums individuals and families pay to their dental service providers in exchange for several dental services and treatments.
These payments are made monthly and annually, depending on your insurance policy terms and conditions.
Are Dental Insurance Premiums Tax-Deductible?
Yes, Dental Insurance Premiums are tax deductible. The Internal Revenue Service (IRS) states that to be deductible as a qualified medical expense, dental insurance should cover procedures to prevent dental disease, including dental hygiene and treatments.
For example, your premium is $ 50,000, and 7.5% of that would be $3,750. So, if your total medicine expense, which includes dental insurance premium, outpaces $3,750, you can subtract the amount that exceeds this threshold. If your medical expenses fall below this threshold, you cannot deduct them from your taxes.
Can you Deduct Dental Insurance Premiums?
You may reduce your tax liability by deducting the cost of your dental insurance premiums. But this is dependent on your particular dental insurance policy and personal circumstances.
The average cost of dental insurance is $47 per month, with yearly rates ranging from $600 to $2,000. Yet, health insurance premiums might differ significantly from policy to policy.
Knowledge of health and dental insurance might help you save money on taxes. Instead of deductions for below-the-line expenses like travel and entertainment, health and dental insurance payments might be deducted as above-the-line expenses.
Dental insurance premiums are tax-deductible; for some qualifying medical and dental costs, consult a tax expert or refer to Publication 502 of the Internal Revenue Service for further information. You need to ensure that you keep accurate records of all your medical and dental costs.
Also, See: Medicare Tax
