The IRS Deductions Blog

Posts Tagged ‘concepts’

Question: Can anyone explain the basics of what a few of these auto insurance words mean?

Bodily Injury Limits mean what? and :
Property Damage Limit
Medical Payments Limit
Uninsured/Under insured Motorist Bodily Injury
Liability Coverage means what?

Uninsured Motorist Property Damage would be what ?
Comprehensive Coverage & Deductibles are?
Collision Coverage & Deductibles
Emergency Road Service Limits ?
Rental Car Limits ? (Does this mean they give you a rental car ?)
Customized Parts and Equipment Coverage Limits means what?
Loan/Lease Gap Coverage is what kind of thing?

Answer: Bodily Injury – this covers injuries to people in other vehicles if you’re in an accident and are at fault. For instance, if you limits are 100/300, the insurance will pay $100,000/person up to $300,000/accident.
Property Damage – covers damage to property of others if you are at fault in an accident…such as the other person’s vehicle.
Medical Payments – this is a no-fault coverage. It provides medical payments regardless of who’s at fault to other people in your vehicle.
Uninsured Motorist bodily injury – provides payments for bodily injury to yourself and other passengers in your vehicle if you are hit by an uninsured vehicle
Underinsured Bodily Injury – this kicks in if the at-fault driver doesn’t have enough insurance to cover your injuries. So, say someone else hits you and you have $50,000 of medical bills. The other driver only has $25,000 of bodily injury coverage on their policy. Underinsured motorist would kick in the other $25,000.
Liability coverage just means it covers the other people in an accident if you are at fault and provides no coverage for you or your vehicle.
Uninsured Motorist property damage – this would cover damages to your vehicle if an uninsured driver hit you.
Comprehensive – covers damages to your vehicle by anything other then collision, such as fire, animal hits, glass breakage, theft, etc. The deductible is the amount that you are responsible for paying and your insurance would pay anything over that amount.
Collision – just as it sounds, covers your vehicle if you run into another vehicle or object. Again, the deductible is the amount that you are responsible for paying before insurance kicks in.
Emergency Road Service – usually this just covers towing, but could also include, lockout, gas delivery, etc.
Rental Car Limits – if you have a covered accident, your insurance company will pay for the rental car. There is usually a per day limit up to a total amount they’ll pay. So, $30/$900 would be mean they’ll pay $30 per day for the rental car up to $900 for the total time you have it.
Customized Parts & Equipment – this would cover any non-factory add-ons that you have on your vehicle, such as that subwoofer in your trunk.
Loan/Lease Gap coverage – if your vehicle is a total loss and you owe more to the finance company then the vehicle is worth, this coverage would pay the difference.

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A shift in the program? The largest for-profit colleges have D&O programs with $75 million to $100 million in limits over deductibles of $1 million to … EDUCATION): An article from: Risk & Insurance $9.95 This digital document is an article from Risk & Insurance, published by Axon Group on September 15, 2011. The length of the article is 2528 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: A shift in the program? The largest for-pro…

Risk Transformations, Deductibles, and Policy Limits.: An article from: Journal of Risk and Insurance $5.95 This digital document is an article from Journal of Risk and Insurance, published by American Risk and Insurance Association, Inc. on September 1, 2001. The length of the article is 3651 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with a…

Jean Chatzky: A hard look at health care

I plan to set aside some time over the next few weeks and take a hard look at my health care costs. With all the changes last year — health care reform passed in March — this year’s due diligence is all the more important.

Tax Deduction Tips for Businesses : Filing Accrual Accounting for Taxes

Question: What does “not subject to deductible mean” in an insurance plan?

The following is stated in an insurance plan that I am considering applying for. I don’t understand what the not subject to part means.

Periodic Health Exam
20% Coinsurance only. Routine physical exams, immunizations, and lab and x-ray NOT subject to deductible or frequency/age limits.

Answer: ~~It means you will only pay 20% of the contracted rate for routine physical exams, immunizations, lab and x-ray and they will pay 80%. Your deductible will be waived for these type of services. Sounds like an excellent plan!~~

Items on Amazon Right Now for Coinsurance And Deductibles:

The Basics Of Medical Billing $27.00 This no nonsense book tells you all you need to know to understand medical billing. Written by a mother/daughter team who have been running a medical billing service since 1994 it contains the facts without the fluff. Revised in June 2010 to almost double the content. It contains information about primary, secondary and tertiary claims, participation with insurance carriers, indemnity, hmos, pp…

Cost-Sharing and the Demand for Ambulatory Mental Health Services (Rand Report) $15.00 …

Demand for Supplementary Health Insurance (Rand Report) $4.00 …

The Costs Creeping Into Property and Liability Policies

Think the commercial property and liability insurance market is competitive? It might not be if you’re paying these hidden costs or facing new exclusions and deductibles, from what this experienced insurance broker has seen.

US Medical Supply Infomercial Part 1

Question: Does anyone have the Mid-West Live insurance company of Tennessee?

An insurance agent sold this to my parents and I wish they put everything into layman’s term.
They bought this through a group called the Alliance for Affordable Services.
They have a $5000 deductible but the policy reads like this:
Hospital room/board has CoInsurance of 100% with Maximum up to $1000 per day.
What is Coinsurance? Do they still have to pay something after their $5000 deductible?

Thanks in advance.

Answer: YES. If the hospital is $5,000/day they’ll have to pay $4,000 per day since their policy only covers $1,000.

Tell them to find another policy. They are owned by Health Markets which used to be UICI which also owns Mega Life and NASE. The policies between Mega and Mid-West are practically identical. And if you do a search for “Nase Complaints” you’ll find plenty of reasons to get rid of the policy.

Read this page on my site…it’s mostly about NASE because they’re more well known, but I have copies of the Mid-West brochure too…

http://www.insurancepickle.com/health-insurance/nase.shtml

Bottom line is they bought a ‘hospital/surgical’ plan with very limited benefits. They didn’t buy a major medical policy. AND, most importantly for the same or less money they could have bought a much better plan.

Items on Amazon Right Now for Deductibles And Coinsurance:

The Basics Of Medical Billing $27.00 This no nonsense book tells you all you need to know to understand medical billing. Written by a mother/daughter team who have been running a medical billing service since 1994 it contains the facts without the fluff. Revised in June 2010 to almost double the content. It contains information about primary, secondary and tertiary claims, participation with insurance carriers, indemnity, hmos, pp…

Cost-Sharing and the Demand for Ambulatory Mental Health Services (Rand Report) $15.00 …

Demand for Supplementary Health Insurance (Rand Report) $4.00 …

Genoptix to participate in Aetna’s national provider network to offer laboratory and diagnostic services

Genoptix, Inc. today announced that it will participate in Aetna’s (AET) national provider network to offer specialized laboratory and comprehensive diagnostic services designed to optimize the care of patients suffering from hematomalignancies, or cancers of the blood and bone marrow, including leukemia and lymphoma.

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