The IRS Deductions Blog

Posts Tagged ‘care’

Question: Do you think we should nationalize healthcare?pro’s and Cons?

pros:
-cheaper healthcare
cons:
-less coverage than your original health care
-a deductible of 20% when your original cheaper AARP deductible, is about 60%
-You do not have the privelage of choosing your own doctor
-once the healthcare reform is passed they will raise the price of their health care to an all time high
-you sign on to the helathcare reform bill with a contract that raises annualy, but it just so happens they are in dire need of money and need to raise your bill
-you recieve less treatment than your original plan, and do not recieve the same coverage that your AARP plan covers

Enough of the pros and cons what are your thoughts on this, liberals and conservatives welcome : )

Answer: No !!!!!

http://www.economicpolicyjournal.com/2009/07/whats-in-healthacre-bill.html

Items on Amazon Right Now for High Deductible Health Care Reform:

MSNBC (11-26-10) – Why We Need Health Care Reform – Sky-High Deductibles Force Painful Choices

Question: I have a question about my hsa (health savings account) that I have with my job?

I’m contributing $500 to the account and my company is putting in $1200. Is all of that money available right away? I’m asking because I just found out I’m pregnant and after I went to my first dr appt I got a letter in the mail stating I have to pay them $2400 (my deductible I think) by the end of May. I of course dont have that and want to know if I can use my money in the hsa right away.

Answer: You may use the money in your HSA right away.
Before paying the $2400 though, I would check with your insurance company to see if the $2400 is the, “allowed amount.” In other words, is the $2400 the negotiated rate approved by the insurance company, assuming you are seeing an in-network provider.

Items on Amazon Right Now for Health Savings Accounts Deductibles:

NDL Benefits – Health Savings Account – June 2011

Question: Are interests on personal loans deductible (against income tax) if it is used for investment purposes?

Say I borrow money from my brother at a reasonable market rate (so that the IRS will not call it a “gift” (say I borrow at 5% or 6%)) to invest in stocks, bonds, or real estate, would that interest I pay to my brother be tax deductible? Assume that I will draft up an official loan agreement defining interest, term, etc. Also, assume that I deposit the entire amount I borrow from my brother directly into an account completely separate from my current accounts (say I open up a new bank or brokerage account) so all cash flow could be traced.

Answer: Brian G is wrong (and right…he’s right that you cannot deduct typical personal loan interest however…). Since you are using the borrowed funds for investment purposes, you CAN deduct the interest against your tax. However, you cannot deduct interest if you use the funds to purchase non-taxable securities (such as tax-exempt municipal bonds). IRS has strict guideline regarding debt and the purchase of tax-exempt investments.

Items on Amazon Right Now for Deductible Defined:

Newport Borough Council, mayor continue debate over GPS policy

Mayor Mary Hetrick dropped a bombshell during her report to Newport Borough Council when she presented a letter from James Nowalk, president of the Pennsylvania State Mayors’ Association, questioning the legality of council’s actions regarding the installation of GPS in borough police vehicles.

Lincoln Charities – Lincoln Property Company – LPC

Question: Are health care insurance premiums?

Are health care insurance premiums, long term health care insurance premiums, and the cost of prescription drugs an allowable federal tax deduction? I think I’m getting some bad advice from a friend of mine concerning tax preparation.

Answer: Insurance premiums are a Deductible Medical expense IF you pay them with after-tax dollars – not if you pay employer group premiums on a pre-tax basis. Keep in mind that you must itemize deductions on Schedule A and meet the 7.5% of AGI threshold before it will benefit you.

Items on Amazon Right Now for Tax Deduction Long Term Care Insurance:

Budget plan’s a serious start

Against the backdrop of an impasse over whether the federal government will be funded for the rest of this fiscal year, Republican leaders in the House have proposed a long-term budget plan that offers a good starting point for making the real, difficult

Tax Deductions available for LTC

Question: I need a little help understanding this insurnace package please?

Plan Type Deductible Coinsurance Office Visit
PPO $2,000 30% $30

I am a 20 year old health female, married with no children, My husband (24Years old) and I need health insurance but neither of us understand really how it works? I can get it through my work but its horrible so we are electing to get a “private plan” .
please help us understand exactly what the plan above means?
thanks so much!

Answer: 1) I’m not sure why you think your company’s plan is horrible if you don’t understand how insurance works. Perhaps you’ve heard war stories from other employees, but if your employer is paying even part of your premium, it’s a hard deal to beat.
2) This is a Preferred Provider Plan – the most expensive plan you can buy. You chose your own doctors as opposed to under a HMO where you have a limited number of doctors to choose from. As you are both healthy, you don’t need a PPO because you don’t currently have a doctor who knows all about some terrible illness you have and therefore you need to keep seeing him.
3) Before your insurance company pays penny one, you will need to pay $2,000 for your medical bills (that’s the deductible, like car insurance deductibles for repairs)
4) After you have paid the deductible, you will need to pay 30% of any future bills. So say you need an operation that costs $5,000. You will pay the first $2,000 then pay 30% of the next $3,000.
5) Every time you go to visit the doctor, it will cost you $30. That amount, however, will go toward your deductible. So say you don’t feel well and go to the doctor. You will pay $30 for the visit, but you will then only have to pay the next $1,970 of the Deductible Amount.

Trust me on this — if you don’t read and understand the documents and explanations, you are going to be ripped-off big time.

I wish you all the best in your search for what you need.

Items on Amazon Right Now for Coinsurance Deductible:

Blue Cross and Blue Shield of Tennessee Joins Forces with HealthCompare to Make Healthcare More Accessible Statewide

Blue Cross and Blue Shield of Tennessee, the state’s oldest and largest not-for-profit health plan with nearly three million members, announced today that it is partnering with HealthCompare to help individuals and families easily research, compare, buy and enroll in the right health insurance plan at the right price.

Deductibles and Coinsurance in Wa state Health Insurance Plans