To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.
1/31/2025, 4:17 PMThis bill provides a tax deduction for health insurance premiums paid to provide medical insurance coverage for an individual, the individual’s spouse, and the individual’s dependents. Under the bill, the tax deduction may be claimed as an adjustment to income (also known as an above-the-line tax deduction), which does not require the individual to itemize deductions.
The purpose of this bill is to provide individuals with a tax benefit for purchasing health insurance. By allowing for an above-the-line deduction, more individuals may be incentivized to purchase health insurance, which can lead to increased access to healthcare services and better health outcomes for the population.
If passed, this bill would have a direct impact on individuals who purchase health insurance on their own, rather than through an employer-sponsored plan. It would provide them with a tax break and potentially make health insurance more affordable for those who are currently uninsured or underinsured. Overall, the Health Insurance Premium Deduction Act aims to promote access to healthcare and make health insurance more affordable for individuals. It is a non-partisan effort to address the rising costs of healthcare and ensure that more Americans have access to the care they need.
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Purpose and Summary
This bill provides a tax deduction for health insurance premiums paid to provide medical insurance coverage for an individual, the individual’s spouse, and the individual’s dependents. Under the bill, the tax deduction may be claimed as an adjustment to income (also known as an above-the-line tax deduction), which does not require the individual to itemize deductions.
The purpose of this bill is to provide individuals with a tax benefit for purchasing health insurance. By allowing for an above-the-line deduction, more individuals may be incentivized to purchase health insurance, which can lead to increased access to healthcare services and better health outcomes for the population.
If passed, this bill would have a direct impact on individuals who purchase health insurance on their own, rather than through an employer-sponsored plan. It would provide them with a tax break and potentially make health insurance more affordable for those who are currently uninsured or underinsured. Overall, the Health Insurance Premium Deduction Act aims to promote access to healthcare and make health insurance more affordable for individuals. It is a non-partisan effort to address the rising costs of healthcare and ensure that more Americans have access to the care they need.
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This bill provides a tax deduction for health insurance premiums paid to provide medical insurance coverage for an individual, the individual’s spouse, and the individual’s dependents. Under the bill, the tax deduction may be claimed as an adjustm...