Is medical insurance tax deductible?
Our medical benefits are quite high ($389/twice a month for a family of four). I was wondering if we dropped this coverage and purchased a separate policy outside our employer's coverage, if the payments would be tax deductible if we itemized our taxes?
Rates I've been looking at have been lower and higher, but with the potential tax savings, we may get better coverage for the same or less out of pocket. We're in NJ btw.