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Tax Treatment of Sickness and Injury Plans

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Course Description

Health insurance is so central to the health and well-being of people that it may be hard for many Americans to believe it could ever have been a less important factor in helping to promote good health than it is today. In fact, health insurance as it is recognized today is a relatively recent development. Since the early development of health insurance coverage, many changes have occurred in the manner in which health care services are delivered and paid for. Among those changes is the emergence of various tax-favored health plans. This course will examine many of those tax-favored health plans.

Learning Objectives

Upon completion of this course, you should be able to: Identify the tax treatment of premiums for and benefits from health insurance policies; Apply the rules governing health savings accounts and Archer medical savings accounts; Recognize the tax treatment of health reimbursement accounts; Compare the tax treatment of employer-paid and individually-paid disability income insurance policies; Apply the tax rules governing business-related disability coverage; and Identify the tax treatment of long term care insurance. Chapter 1 Health Insurance Upon completion of this chapter, you should be able to: Identify the tax treatment of personally-owned health insurance premiums and benefits; Compare the tax treatment of personally-owned health insurance premiums paid by self-employed taxpayers and taxpayers who are not self-employed; and Apply the rules governing the tax treatment of employer-paid health insurance premiums and benefits. Chapter 2 Tax-Favored Health Plans Upon completion of this chapter, you should be able to: Identify the tax treatment given to - o Archer Medical Savings Accounts, o Health Savings Accounts, and o Health Reimbursement Arrangements; and Calculate the contributions that may be made to o Archer Medical Savings Accounts, and o Health Savings Accounts. Chapter 3 Disability and Long Term Care Insurance Coverage Upon completion of this chapter, you should be able to: Compare the tax treatment of premiums for and benefits paid under individually-paid and employer-paid disability income policies; Identify the tax treatment of premiums for and benefits paid under various business-related disability policies; and Apply the tax rules to long term care premiums and benefits.

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Learning Format 4.5 Hours
Self-Study / On-Demand

Credit Type(s)
Taxes

Knowledge Level
Overview