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jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3161
Experience:  I've prepared all types of taxes since 1987.
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I have 2 added cancer insurance policy that I pay on monthly

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I have 2 added cancer insurance policy that I pay on monthly and filed a claim in April 2010 due to cancer. The insurance is to pay me directly for the surgon, treatments, hospital and other labs needed. Was paid a lump sum by one insurance company and other payouts by the other. I still pay the monthly payments to keep myself covered if the cancer returns. What is my tax liability for these payments



Payments received under this type of policy are not usually included in income (similar to health insurance) .


If an employer, rather than you, paid the premiums for the policy then the payouts would have to be included in income.


Please ask if you need clarification.

Best wishes.






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