Question

Distribution from Cancer Policy

Forum|Forum|3 years ago
February 5, 2023
1 reply
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I paid into a cancer insurance plan described as: a supplemental program provided to active and retired members to help offset expenses related to cancer diagnoses and treatment. How to I account for that?

I was off work over 5 months but paid thru sick leave.

M

Mike9241

Proceeds of an accident and health policy are not reportable as income so long as you did not deduct the premiums, and so long as this is not an employer provided fringe benefit. If both you and your employer have paid the premiums for the plan, only the amount you receive for your disability that is due to your employer’s payments is reported as income.