Quote:
Originally Posted by EddieG
So how would my premiums qualify? It's not long term care insurance (you mean like nursing home care, right?). I'm not receiving unemployment. As far as I know, taking Cobra is not required under any federal law. I know that under Wisconsin law, under HIRSP, I'm required to exhaust cobra before qualifying for hirsp, but would this be a federal requirement under hipaa? How do you see this rule applying to my situation?
Thanks,
Eddie
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It's not you that's being required to take COBRA. It's the company that's being required to offer it.
http://www.irs.gov/pub/irs-drop/n-04-2.pdf
Question 27
Q-27. Are health insurance premiums qualified medical expenses?
A-27. Generally, health insurance premiums are not qualified medical expenses except for the following: qualified long-term care insurance, COBRA health care continuation coverage, and health care coverage while an individual is receiving unemployment compensation. In addition, for individuals over age 65, premiums for Medicare Part A or B, Medicare HMO, and the employee share of premiums for employer-sponsored health insurance, including premiums for employer-sponsored retiree health insurance can be paid from an HSA. Premiums for Medigap policies are not qualified medical expenses.
But I'm not an accountant.