Accidental insurance and heart insurance

[sdtaxman]

Can any one help me? Are accidental insurance and heart policies deductible insurance for itemized medical deductions as well as SE health insurance adjustment?

[JG EA]

From Pub 502:

Insurance Premiums You Cannot Include
You cannot include premiums you pay for:

...
Policies providing payment for loss of earnings,

Policies for loss of life, limb, sight, etc.,

Policies that pay you a guaranteed amount each week for a stated number of weeks if you are hospitalized for sickness or injury,

So not accident insurance, and "heart policies" - it depends on whether they pay medical expenses or a guaranteed amount to the taxpayer.

[erchess]

I thought

that policies for only certain disease or diseases (eg a heart policy or a cancer policy) were non deductible for either purpose.

I am also under the impression that the reason certain kinds of insurance are not deductible is that in the opinion of the Federal Government the policies in question cannot be stopped from being sold but ought to be discouraged because they represent poor value for the buyer.

[Davc]

that policies for only certain disease or diseases (eg a heart policy or a cancer policy) were non deductible for either purpose.

They're deductible.

I am also under the impression that the reason certain kinds of insurance are not deductible is that in the opinion of the Federal Government the policies in question cannot be stopped from being sold but ought to be discouraged because they represent poor value for the buyer.

Then why are state taxes deductible?

[erchess]

R O F L Dave

TY for the correction re the deductible policies. As for the comparison to State Taxes you are comparing apples and oranges as you know.