ENTREPRENEURSHIP

Did you know that there are tax deductible insurance?

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Here we tell you which are those that you can deduce as a physical and moral person.

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This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Thinking about our economy is something we should do frequently. Knowing how to handle and protect it becomes a must as we age. In this context, we should also consider buying insurance, and we know that this may seem like an expense at first, but it is something that is profitable for life itself .

Having any type of insurance can offer you many benefits, among which are to protect you financially against any unforeseen event, accident or loss. And, what many people don’t know is that some of them are tax deductible.

In this sense, Ahorra Seguros shared with us which are the insurance that we can deduct from taxes and under what conditions, within them are:

  • Major medical expenses insurance
  • Retirement or retirement insurance
  • Savings plans
  • Education insurance.

It is important to mention that in Mexico only policies considered essential and that have a social and long-term purpose can benefit from these characteristics.

What about life insurance?

In order for these to be considered within the deductible group, they must have a contract that has savings or investment components for one person. For this reason, only those plans such as endowment or mixed life insurance can be admitted into this category.

What is endowment life insurance?

According to Fundación MAPFRE , it is an insurance modality by which a minor is instituted as a beneficiary of the policy, in this way the delivery of capital is guaranteed on a certain date, regardless of whether the insured dies or not before the expiration of the same.

Under what characteristics can we deduct the aforementioned insurances from taxes?

As a natural person, not all the payments you make on the insurance service are tax deductible, since only the annual cost of the insurance premium applies, as explained by the Ahorra Seguros portal.

For its part, in endowment life insurance, the only thing we can deduct is the part corresponding to savings. While in the case of major medical expenses, the deductibles are expenses in medical fees, consultations, dental services, hospital payments, psychological consultations, nutrition, among others. To achieve the latter, the doctor you go to must be registered with the Tax Administration Service (SAT) and have the availability to issue receipts and invoices.

Also, the voluntary contributions you make to your retirement savings insurance are tax deductible.

As legal persons, what are the insurances that we can deduct?

  • Business insurance
  • Business savings insurance
  • Business car fleet insurance
  • Life insurance for employees
  • Employee health insurance.

“Insurance is services focused on taking care of our finances from any point we see it, either because they are an economic lifeline in case of an emergency or because of the tax benefits they grant us,” Iñaki Pérez, CEO of the comparator site, comments in a statement. Save Insurance .

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