The IRS Deductions Blog

Posts Tagged ‘cost’

Question: Is this health insurance plan any good?

36 year old single male

United Healthcare (A+rated)
Copay Plus Plan
PPO
1500 deductible
172/mo single

Coinsurance after deductible:

I pay 20% to $2,000
They pay 80% to $8,000 then 100%

Lifetime max benefit: $3million

Initial Rate Guarantee: 12 mos

Doctor office visit: not subject to deductible, $35 copay, xray and lab 80%

Prescriptions: Generic $20 copay, Name-brand: $50 copay, Name-brand copay is after $250 per person, calendar year deductible. If Generic is available, name-brand reimbursed at Generic price.

Surgeon, and facility fees: 80%

Radiation, chemotherpay, and organ transplant drugs: 80%

Cat scans, MRIS: 80%

Emergency Room fees: illness 80%,$100 copay if not admitted injury: 80%

other outpatient expenses: 80%

Other: 80%

Answer: Yes, they are one of the better plans available. I sell health insurance and have them for my own policy. However, they are not the best for every situation (no company is).

You’ll want to get this through a local independent agent. The premium will be the same as going through the company directly, you won’t have to pay the agent any extra. The agent will be a local “go to” person if you have questions about the policy after you get it instead of calling the 800 number and getting a different person each time. Also, the agent can compare with the other companies in your area to make sure this plan is the right one for you.

Items on Amazon Right Now for Deductible Coinsurance Copay:

5,160 people eligible for high-risk insurance

HEALTH – About 5,160 uninsured Pennsylvanians with medical problems could buy coverage through a state-run, temporary high-risk insurance pool for less than $500 a month, under a proposal before the U.S. Department of Health and Human Services.

Budgeting “Expected” Healthcare Needs (Step 2)

Question: under what law/provision in the IRS that states piano tuition,ballet,etc are Not Tax Deductible?

Answer: You are attempting to call piano lessons child care. Piano lessons fall under TUTORING and are not allowed. See last sentence below. You are not paying the piano teacher to watch your child, you are paying them to teach your child. The IRS makes a distinction between the two.

From the 2441 instructions:
Care of the Qualifying Person
Care includes the cost of services for the qualifying person’s well-being and protection. It does not include the cost of clothing or entertainment.

You can include the cost of care provided outside your home for your dependent under age 13 or any other qualifying person who regularly spends at least 8 hours a day in your home. If the care was provided by a dependent care center, the center must meet all applicable state and local regulations. A dependent care center is a place that provides care for more than six persons (other than persons who live there) and receives a fee, payment, or grant for providing services for any of those persons, even if the center is not run for profit.

You can include amounts paid for items other than the care of your child (such as food and schooling) only if the items are incidental to the care of the child and cannot be separated from the total cost. But do not include the cost of schooling for a child in kindergarten or above. You can include the cost of a day camp, even if it specializes in a particular activity, such as soccer. But do not include any expenses for sending your child to an overnight camp, summer school, or a tutoring program.

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Not Just One Terrible Idea, But Two!

http://www.JewishWorldReview.com | It’s interesting that the Democrats are attempting to roll two of their highest priorities into one bill this month. The labyrinthine legislative legerdemain called health care reform now includes a reconciliation package that would fold in student loan reform.

Danielle Video: A Plea for assitance

Question: i am very active and need insurance to cover surgery and possible rehab. High or Low Deductible, premium?

i want to be able to afford the insurance per month; under $200 and if possible to have a low copay and coinsurance

Answer: if its under 200 dollars thn it probably wnt be good
state insurance is around ur price range
i mean the name is state insurance
its not insurance u get from the state

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David Bruner, the Tax Man: Medical expenses — the basics

If you are able to itemize, one of the largest deductions you could have is the medical expense dedu

Health Insurance 101.2 Your Choices

Question: What portion(s) of my closing costs are tax deductible?

For an FHA refinance mortgage loan, what portion(s) of the closing costs can I wrote off??

Answer: You can deduct on schedule A, the amounts shown for (1) interest, (2) property tax for the period after you bought the home, (3) points or loan origination fees, (4) mortgage insurance.

All of the other costs would either (1) be added to the cost basis of your home or (2) be non-deductible.

Richard K
Master Tax Advisor
Enrolled Agent

This advice is based upon my understanding of the tax law at the time it was written as it applies to the facts provided by you. See my profile for more information.

Items on Amazon Right Now for Tax Deductible Closing Costs:

Super Tax Site Saturday Provides Free Tax Help

There is still more than a month until your taxes are due, but the stress of getting the task accomplished still weighs heavily on the minds of many.

Items on Amazon Right Now for Low Deductible:

SOLAS – Be mindful of pets’ well being in bitter cold

Burrrrr! I’m sure that all of you are just as tired of all of this cold weather as we are, but please think of all of the animals that yearn to be inside with you instead of outside in the frigid weather.

How to Determine the Best Type of Sleep Study For You