The IRS Deductions Blog

Posts Tagged ‘health benefits deductible’

Question: Should I get health coverage from my auto insurance if I am not at fault?

My wife and I were involved in an auto accident recently. We were hit from behind while waiting at a traffic light (red).
They other diver aggreed that it was his fault. Both of us have auto insurance from same company. His policy is covering damage to my car. My insurance company (which is same as his) says I get health coverage from my policy and not his policy.

Since it is from my policy, they say, I am subjected to deductibles and co-pay.

My question is
a) Is it true that irrespective of whose fault it is, I get health benefits from my policy?

b) If the other driver’s policy is covering my medical expenses, will I still have to pay for co-pay and deductible? After all it is his fault and why should I bear additional cost?

c) I have bodily injury liability in my policy. Similarly other driver must be having the same. That means his policy should pay me.

Answer: You have here what is referred to as a third party claim. You have the right to be reimbursed for your pain and suffering, medical bills and legal costs. You should be awarded a lump sum. Do not go it alone, you must get an attorney to look after your interests and get the best possible outcome. When you commence such an action the other parties insurance pays all costs.

Items on Amazon Right Now for Health Benefits Deductible:

How WC deductibles differ from self-insurance plans. (workers’ compensation insurance) (Alternative Market Report: Self-Insurance): An article from: National … & Casualty-Risk & Benefits Management $5.95 This digital document is an article from National Underwriter Property & Casualty-Risk & Benefits Management, published by The National Underwriter Company on October 18, 1993. The length of the article is 1095 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…

Insurer goes high deductible–for its employees.(Practice Trends): An article from: Clinical Psychiatry News $5.95 This digital document is an article from Clinical Psychiatry News, published by International Medical News Group on February 1, 2005. The length of the article is 636 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 any web browser.Citat…

Health benefit headaches: employers consider their options as costs continue to rise. (Feature).(health insurance deductibles raised for workers): An article from: Photo Marketing $5.95 This digital document is an article from Photo Marketing, published by Photo Marketing Association International on October 1, 2002. The length of the article is 3126 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 any web browser.Citat…

Obama Open to Adding Republican Ideas to Health Plan (Update2)

March 2 (Bloomberg) — President Barack Obama today said he’s open to incorporating into his health-care bill several proposals advanced by Republicans last week as congressional Democrats near a final push to enact overhaul legislation.

Question: Are inventory donations to a 501 (c)3 organization tax deductible? Or only monetary donations?

I’m located in Wisconsin and have a small side business in antiques and collectibles. I belong to a non-profit club and donated 15-20 pieces of vintage/depression glass to a charity auction benefiting the club. Would these items be tax deductible? My cost or the sale price at auction? I have records to back up the donation. Thanks in advance for your help.

Answer: Most “non-profit clubs” are not 501(c)3 organizations, so that’s the first thing to find out.

Non-cash donations to a 501(c)3 organization are deductible. The determination of the deduction, and the requirements for recordkeeping, are tricky, and if the value is significant, you might want to talk to a CPA about it (NOT Block or Liberty or Hewitt). There are different rules depending on whether the contribution is under $250, over $500, or in between.

Read publication 561 (download at irs.gov) for info on valuation.

Items on Amazon Right Now for Benefits Deductible:

Large deductible plans penetrate WC. (workers’ compensation) (Special Report: Self-Insurance Review): An article from: National Underwriter Property & Casualty-Risk & Benefits Management $5.95 This digital document is an article from National Underwriter Property & Casualty-Risk & Benefits Management, published by The National Underwriter Company on September 7, 1992. The length of the article is 723 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…

The revenge of the buggy-whip maker. (Best Practices).(tax-deductible contributions): An article from: National Underwriter Property & Casualty-Risk & Benefits Management $5.95 This digital document is an article from National Underwriter Property & Casualty-Risk & Benefits Management, published by The National Underwriter Company on August 5, 2002. The length of the article is 1018 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. …

Large-deductibles shake up Fla.(workers’ compensation insurers): An article from: National Underwriter Property & Casualty-Risk & Benefits Management $5.95 This digital document is an article from National Underwriter Property & Casualty-Risk & Benefits Management, published by The National Underwriter Company on July 28, 1997. The length of the article is 1439 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. Y…

Lower your 2009 tax bill before new year starts

Though good tax planning can take weeks and even months, there are some last-minute things you can do now to lower your 2009 tax bill.

2009 Open Enrollment High Deductible Health Plan Prescription Benefits