grandmabee Posted January 12, 2021 Report Share Posted January 12, 2021 I attended an update class this weekend and it was talked about the Medishare health "insurance" could in 2020 be deductible. I find where it is deductible under Schedule A as medical, but they also said as a self employed health insurance deduction under adjustments. I can't find that in my research. Has anyone seen this new law? Can you point me in the right direction? TIA 1 Quote Link to comment Share on other sites More sharing options...
Lee B Posted January 12, 2021 Report Share Posted January 12, 2021 What is "Medishare", all parts of Medicare are deductible as SEHI? Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted January 12, 2021 Report Share Posted January 12, 2021 13 hours ago, grandmabee said: Has anyone seen this new law Proposed Reg 1-213-1 gives health share membership payments the same status as health insurance premiums. Therefore, health share qualifies for both Schedule A and the SEHI deduction. The proposed reg was in response to Executive Order 13877 back in 2019 which was directed to give health shares equal footing with health care premiums. 2 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted January 12, 2021 Report Share Posted January 12, 2021 27 minutes ago, cbslee said: What is "Medishare", She is referring to "health share plans"; Medishare is one of many. I joined one called "Solidarity" a couple years ago. My wife and I were paying over $24,000 a year in premiums for two healthy individuals in their 50's. Now we pay less than $5,000 per year. 2 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted January 12, 2021 Report Share Posted January 12, 2021 35 minutes ago, DANRVAN said: She is referring to "health share plans"; Medishare is one of many. I joined one called "Solidarity" a couple years ago. My wife and I were paying over $24,000 a year in premiums for two healthy individuals in their 50's. Now we pay less than $5,000 per year. But what is the coverage like? Are these plans nonprofit to keep the overhead down? Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted January 13, 2021 Report Share Posted January 13, 2021 23 hours ago, Abby Normal said: But what is the coverage like? Are these plans nonprofit to keep the overhead down? The first year I broke my ankle with an ER visit. My out of pocket for the year was around $500. Health share plans are not for every one, but for those who pledge to live a healthy lifestyle. The plan promotes wellness and prevention. So if you are a chain-smoking, pro motocross racer that eats three times a day at McDonalds; you need not apply! 1 Quote Link to comment Share on other sites More sharing options...
Medlin Software, Dennis Posted January 13, 2021 Report Share Posted January 13, 2021 I was updating life and disability coverage, and had to admit, it has been more than 20 years since I was involved in any of the "risky" activities... Good for the policy costs, but sometimes I long for those days of perceived invincibility. My dad was about 25 in the image for my profile. I was but a pea sized being. Those cars were built like tanks, many raced for more than a decade. The drivers were mere pinballs wearing penny loafers, chinos, and t-shirts, with a leather object which kept their hair in place more than protecting their brain. 1 Quote Link to comment Share on other sites More sharing options...
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