Critical illness payment
Hi, 25F looking for some advice. Critical illness insurance is deducted from my paycheck weekly, as well as medical, vision etc. I was recently diagnosed with cancer and was able to file a claim under my critical illness benefit and received a lump sum of money. Now I am worried about taxes and can’t seem to find a clear answer online. Is this money taxable? If so, how do I calculate how much I should save to pay in taxes?
Thanks for any help.
u/DisastrousTadpole481 — 6 days ago