What are the tax implications of benefits received under an individual medical expense policy, long-term care policy or Medicare supplement policy?
What are the tax implications of benefits received under an individual medical expense policy, long-term care policy or Medicare supplement policy?
a. Benefits are not taxable.
b. Benefits are taxable.
c. Benefits are only taxed if an individual's unreimbursed medical expenses exceed 7.5% of their adjusted gross income.
d. All of the above
Answer: a. Benefits are not taxable.
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