Paying insurance premiums using tax-favored methods is an incredibly important strategy that families young and old should embrace. It is often far too easy to procrastinate important purchases because of the monthly cost.

By taking advantage of tax savings on the premium, your claims benefit may be much smaller. Cancer insurance policies represent a low-probability versus high-return tradeoff. Having a slightly smaller benefit is far better than none at all – if the need ever arose.


The primary benefit of flexible spending accounts is the ability to make pre-tax payroll deductions and use the money for items you might otherwise spend using post-tax dollars.

An FSA is not the only opportunity to take advantage of these savings. Find a comprehensive list of savings opportunities.


When employees make their annual benefit election decisions, they must make choose between pretax and post-tax payroll deductions. Pretax elections save money on the premium payments. Post-tax elections provide a tax-free benefit.

Post-tax elections are the best alternative for paying for short term disability insurance when you plan to utilize the benefit.


One government agency provides the greatest level of help in paying for infertility treatments. The Internal Revenue Service allows couples to deduct unreimbursed medical expenses from their taxes using Schedule A and through Flexible Spending Accounts.

Both approaches have pros and cons. Each family should consider their unique financial circumstances and projected infertility spending.


Disability insurance replaces a portion of income when the policyholder is unable to work. When policyholders are disabled, they often have extra medical expenses. A reduction in income could hurt.

Sometimes the recipient receives the benefit tax free, other times the amount is taxable. When the benefit comes tax free, the net amount is often close to regular earnings.