You also can’t deduct health insurance premiums if your employer or the government pays all of your premiums. If you pay health insurance premiums to your company, and the company declares bankruptcy – and so does not actually make the payments to the health insurance company – what happens may depend on the type of bankruptcy filed as well as the specifics of your health plan. Personal Deduction for Health Insurance Premiums. Not what your employer spends for your coverage. Understanding the 1095-B Tax Form Because the Affordable Care Act requires all individuals to have health insurance or to pay a tax penalty, employers now send out a 1095-B Tax form. For example, if you pay $50,000 a year toward employees’ health care premiums,and if you qualify for a $10,000 credit each year, you can save $20,000 over the course of two years. In general, however, if your company declares bankruptcy, you will have your health insurance premiums paid … The fact that you’re not entitled to claim employee health insurance as a tax-free fringe benefit when you have an S corporation is not good. What other medical costs are tax-deductible? Even if your small business does not owe tax during the year, you can carry the … Avvo has 97% of all lawyers in the US. Find a lawyer near you. An employer can't pay for a plan an employee choses if they have to comply with the employer mandate, but can reimburse a group plan. However, for group health insurance plans, it is optional for employers to pay for the health insurance coverage of employee dependents. My employer didn't pay our health insurance premium for two months. After a decade of moderate growth, premiums for both individuals and families of employer-sponsored health insurance increased by an average of … You can only deduct the premiums that you pay. Estimates for premiums, worker contributions to premiums, and employer contributions to premiums presented in Section 6 do not include contributions made by the employer to Health … That said, some employers consider charging employees different premiums and when doing so, questions inevitably come up on whether or not employers can do this. Asked in Cedar Falls, IA | Feb 7, 2015 . They are deducting money from the employees pay, but Lawyer directory. Our insurance is in danger of being canceled in the next few days and I want to know what my rights are as I found out today I need surgery and now I might not have insurance. But things aren’t all bad for S corporation shareholders. In most cases, employees can still add qualified dependents to their health plan, regardless of whether their employer decides to contribute to dependents’ premiums. However, this is not an option for companies with 20 or more workers that are subject to the Medicare Secondary Payer provisions. ... 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