http://www.ama-assn.org/amednews/2000/05/01/gvsa0501.htm
Did this idea ever come to pass? I am college student and I want to buy some health insurance and i’m wondering if i can get any tax breaks or refunds from purchasing an individual plan.
You can take a deduction on your tax return but only if the cost of your medical expenses is at least a certain percentage of your adjusted gross income. I think it’s 7.5%. If you don’t hit the percentage, you can’t take the deduction.
You can include more than just the cost of premiums to get to the 7.5%: mileage, co-pays, deductibles, etc. But it’s pretty hard to get to 7.5%. I believe IRS Publication 17 explains it all.
Do you not have insurance already through your college?
They offer it but im researching it to see if its a good deal. i can get a 1k deductible blue cross plan for $59/month, i think the school wants $72/month for their health coverage but i dont know if that plan if for grad & international or for undergrad.