The IRS Deductions Blog

Posts Tagged ‘deductibles’

Question: Will auto insurance pay for previously fixed stone chip because it broke again in another accident?

Hi, I had a tiny stone chip on my windshield which was beautifully fixed to the point it could not be even seen. However, I had another car bumped into mine on a parking lot. In addition to a bent fender and bumper, the stone chip gave away and even spread new rays. All because of the lateral force of the impact–even my inside rear view mirror was pivoted.

Answer: The other carrier IS liable for at least part of the damage to the windshield.

In a best-case scenario, your windshield was properly fixed by a reputable company the first time. They can not claim their driver isn’t responsible for the windshield any more than they could claim they weren’t responsible for damage to a properly repaired bumper. Just because it was damaged once does not mean it’s automatically ineligible for future repair.

In a worst-case scenario, they’re responsible for the EXTRA damage to the windshield. Accept responsibility for the chip, but they’re responsible for all of the cracking. The cracking makes it unusable, so they need to pay to have it replaced, minus a small amount for the existing damage. This principle is called ‘betterment’. They owe you a windshield with a chip in it, since that’s what you had before the accident. Since it’s not legal to put in a windshield with a chip, they put in a new one and make you pay the small amount for the chip that existed, since your new one is ‘better’ than the old one.

My advice, if you don’t feel like fighting with the other driver’s insurance, is to file a ‘glass-only’ claim with your insurance. Most companies offer ‘glass-only’ coverage with a lower deductible, usually $100. Have them replace the windshield and then they can send the bill to the other company in a ‘subrogation action’. Your insurer won’t get the short end on this and when they get their money back, they will refund the deductible to you.

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Jamie Court: Thanks Blue Cross, You Gave The Public Its Reason To Reform

The President called for an up or down vote on health care reform, but I can say from my own experience this week working with…

NEW MLM COMPANY – Auto Insurance Savings!

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At Tax Time, Adding Up Medical Receipts Pays Off

At Tax Time, Adding Up Medical Receipts Pays Off

Health Savings Account (HSA)

As we all know that the Medicare Supplement Plans or the Medigap policies are health insurance plans sold by the private insurance companies. These plans have close proximity with the Original Medicare plans. And it can also be said that these policies are not independent policies. This means that a person can get enrolled for a Medicare Supplement Plan only when he or she is under the policy coverage of the Original Medicare plans. However, the point to be mentioned is that the Medicare Supplement Plans are specially meant for bridging the gap between the policy coverage of the original Medicare plan and the actual medical cost payable by the beneficiary. This is a good reason why these plans are also known as the Medigap policies.
However, the Medicare Supplement Plans are totally administered and sold by the private health insurance companies and there are twelve standard Medigap plans available. There are a lot of medical costs that are covered by the Original Medicare plans. Rather to say almost all of the medical costs are covered by the original Medicare plans but still there remain some costs that the Original Medicare does not cover therefore in such situations there is the need for the Medicare Supplement Plans. It helps the beneficiary to pay for those costs are not been included under the policy coverage of the original Medicare plans. These plans range under the letter covers A through L and each of them have their own policy coverage. But all of the other plans provide the basic benefits of plan A and B. The plans A and B are known as the basic plans as these plans provide benefits similar to the Original Medicare.
However it is to be remembered that one cannot get enrolled for a Medicare Supplement Plan if he or she is the beneficiary of the Medicare Advantage plan. The Medicare Supplement Plans doesn’t work with the Medicare Advantage plans. Therefore in order to get the benefits of the Medicare Supplement Plans one need to switch over to the Original Medicare from their Medicare Advantage plan. If you are in Medicare advantage plan you cannot get the facilities of deductibles and coinsurance. Rather it is to be said that you won’t be needing them unless you change back to the Original Medicare.
Moreover, before choosing a Medicare Supplement Plan one should be very careful. It is to be remembered that you should always choose the best fitting Medigap policy for yourself. There are some plans like the plan J through L, which seem to be providing lesser coverage actually helps you save a lot of money in the form of deductibles. Therefore it is necessary to go through the offer documents of all the plans before you pick up the one that would be the best helpful for you. And if you need help in this respect it is better to seek the help of some insurance agent as they can better help you in choosing the best fitting policy for you.

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Get your insurance policies and finances in shape for the new year

Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) encourages consumers to take a quick look at their finances and insurance policies as the new year begins

Deductibles & Coinsurance-Two Terms You Need To Know

Paying home insurance premiums is one of the major areas of the expenses homeowners have to meet every year. The rate of home insurance premium is generally high, and many homeowners tend to think of how far it is necessary to have a home insurance policy. They are also thinking of spending this amount somewhere else but this is undoubtedly a risky way to think.

People care least about the insurance policy unless they need it. Consider, if your home is destroyed by a storm or a natural disaster; how can you restore it unless you have a home insurance policy? That is why it is always advisable to homeowners that they should take a home insurance policy.

However, the type of home insurance policy in the UK differs according to the part of the country where you are living. If you are living in a place which is prone to hurricanes and tornadoes, then you will have some special section in your home insurance policy, which will protect your home during such natural disasters. Apart from this, home insurance is also necessary for those having mortgages on their homes.

Home insurance companies in the UK always consider carefully how far their collateral (guarantee) is secured if they offer you a policy. When a lender gives you the loan , he wants you to cover the amount on your loan only to make sure that their debt will be taken care of, even if your home is destroyed or damaged. As a result, most lenders want to include your monthly premiums on your payments. Later, with the help of a written agreement with the bank, the bank becomes responsible to pay your renewal each year.

Apart from all these above-mentioned reasons, home insurance is necessary for other purposes also. Your home insurance policy can even save you from damages if someone gets hurt or is injured while they are at your home. If you have home insurance, it is the insurance company which will bear all the medical expenses of your injured guests. You do not have to pay anything other than the deductibles.

A home insurance policy also protects your belongings. Home insurance companies in UK provide a special provision called content provision, which covers everything in your home. Hence, if you find one day that all the belongings of your home have been robbed, your home insurance will reimburse you to restore all your belongings.

Needless to say, every homeowner should have a good home insurance policy. A good home insurance can save you from any kind of disastrous losses. Living without a home insurance can be a high risk factor for any homeowner.

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Health costs: No relief in sight

State employees are in for another health care rate hit in 2011, on top of out-of-pocket and premium increases for 2010 that took effect three days ago.

Benjamin Agency’s Insurance Tip – What are Deductibles and Why do I have one?

Medicare Supplement Insurance plan is a type of private health insurance policy offered by the private insurance companies selling Medicare policies to their original Medicare policyholders. The Medicare Supplement Plans helps the policyholders to provide some of the health care expenses, which are not or partly provided by the original Medicare policies. It helps to fill the gap that is left behind by the original policies between their policy coverage and the original medical expenses of the policyholder. And for that reason the Medicare Supplement Plans are also known as the Medigap policies.

To enroll in a Medigap policy a person should already be a beneficiary of original Medicare part A and B. The person needs to pay a Medigap part B premium on monthly basis with a premium to the insurance company. It is always better to get enrolled for a Medigap policy within thirty days of getting the Medicare and it will help in obtaining an improved coverage at a better rate. Though the Medicare Supplement Plans are totally under the administration of the private insurance companies, but still they are allowed to sell only 12 standardized Medigap plans. And these plans are labeled under the letter covers A through L. Each of these policies provides different set of policy coverage and repayment plans. And with these it is possible to fill up the gap left behind by the.

As stated earlier the Medigap insurance plans are labeled under the letter covers A through L. And each of these plans provides different benefits. But the plans under the same latter cover should cover the same benefits irrespective of any company you buy it from. But the policy premium may vary from company to company. The part A plan deals with the basic benefits of and of course with least expenses. While the Plan B covers somewhat more than plan A. It not only covers the basic benefits but also provides Medigap part A deductibles. Plan C also includes the basic benefits along with Medicare Part A deductible and skilled nursing coinsurance with foreign travel emergency. It also provides hospital and medical costs along with blood. Next is Medigap part D. The part D plan provides all the benefits of plan C and also it includes at home remedy as an extra benefit. Medigap plan E provides preventive care along with all the facilities provided by plan D. Medigap plan F is for those patients who consult with doctors who do not agree to Medicare project. It also includes blood related costs. The plan G is also similar to plan F also with the extra feature of at home recovery. Medigap plan H includes prescribed drug coverage. Plan I is also similar to plan H along with the facility of excess doctor charge and at home recovery. Next is plan J. This plan covers all the benefits that are offered by Medicare plans. And for that reason this is the most expensive of all the above-mentioned plans. Therefore it can be said that this plan is only for those who can meet the expense. Both of the plans K and L offer the basic benefits and help to cover large amount but at a lower premium with a higher deductibles. These two plans have been newly launched and not yet widely obtainable.

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Retirees paying more for their health care

COLUMBUS — In 1974, the Ohio Police & Fire Pension Fund voluntarily started giving health care coverage to retired cops and firefighters. At the time, it was a bargain — $3 million.But fast forward 34 years and the cost has spiked to $153.4 million a year. That doesn’t even count the higher co-pays, premiums and deductibles that retirees are paying out of their own pockets.

DAL and NWA Medical Plan Comparison Part3