Disability insurance protects income in case of illness/injury, ensuring financial stability.
Disability insurance premiums generally not tax deductible; varies by plan.
Employer plans may use pre-tax dollars, making benefits taxable; private plans use post-tax dollars for tax-free benefits.
Self-employed individuals may be able to deduct disability insurance premiums as a business expense if coverage is provided to employees.
Social Security disability benefits taxable based on other income, usually up to 85%; seek tax advice.
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