The IRS Deductions Blog

Posts Tagged ‘health’

Question: In health insurance, what does “Covered – 100% with no deductible” mean?

I’m looking at this health insurance plan:

http://www.bcbsm.com/myblue/plan_flexibleblue_benefits.shtml

Notice under “preventive services” it says “Covered — 100% with no deductible”. What does that mean? You’d think it means they cover 100% after the deductible, but for their other covered services it says “xx% AFTER deductible” (this one says “w/no deductible”)

Does what I’m asking about mean that I don’t have to pay the deductible before it’s 100% covered? Or what?

Answer: Covered with 100% with no deductible means – that 100% total amount is covered by the health plan and you do not have to pay anything. Secondly, no deductible means that there is no amount you have to pay out of your own pocket before the insurance company starts paying you.

Items on Amazon Right Now for No Deductible Health Insurance:

The Financial Peace Planner: A Step-by-Step Guide to Restoring Your Family’s Financial Health $8.91 Get out of debt and stay out with the help of Dave Ramsey, recently seen by millions of Today Show viewers. His practical regimen, first set forth by The Financial Peace Planner, which will be published by Penguin in January 1998. Loaded with inspirational insights that come from personal experience, this set of books is the most valuable purchase a debt-ridden reader can make….

A Revolution in Health Part 2: How to Take Charge of Your Health $20.77 This book is the second book in the Revolution in Health? series. The first book, A Revolution in Health Through Nutritional Biochemistry, was written by the authors in 2007. They now follow up that work with this groundbreaking book, A Revolution in Health Part 2: How to Take Charge of Your Health. In these books they describe how they have put into practice more than 100 years of research and ho…

How to Pay Zero Taxes 2011: Your Guide to Every Tax Break the IRS Allows! $6.48 Declare this! Make 2011 the year you pay LESS to the IRS! Totally updated for 2011, How to Pay Zero Taxes lays out the simple, practical, and proven strategies that save you money at tax time-this year, next year, and beyond. From converting personal expenses into business deductions, to avoiding (or surviving) an IRS audit, Jeff Schnepper’s guide comprehensively covers more deductions than…

United Security Life and Health Insurance Company Finds Creative Ways To Benefit Customers and Insurance Agents Alike

United Security Life and Health, a regional health insurance company, remains focused on developing solutions to assist independent insurance agents and uninsured children in the wake of Health Care Reform.

No Insurance

Question: Are employer contributions to 529 plans deductible or taxable to the employee?

I work for a very small company with very generous benefits. They are considering making contributions to dependent 529 plans for college education. Are these contributions deductible for them or taxable to me?

Answer: Both.

These payments would be a taxable benefit to you and deductible to the employer.

Items on Amazon Right Now for Plan Deductible:

SquareTrade 3-Year Appliances Warranty ($75-100) $13.99 SquareTrade Care Plans are great value and cost 70% lower on average than traditional warranties.  Upon purchase, you will get an email confirmation.  You will not be mailed a paper contract.  If you have questions, please call: 1.877.WARRANTY….

SquareTrade 3-Year Appliances Warranty (Below $50) $7.99 SquareTrade Care Plans are great value and cost 70% lower on average than traditional warranties.  Upon purchase, you will get an email confirmation.  You will not be mailed a paper contract.  If you have questions, please call: 1.877.WARRANTY….

SquareTrade 3-Year Fitness Equipment Warranty ($600-800 Items) $89.50 SquareTrade Care Plans are great value and cost 70% lower on average than traditional warranties.  Upon purchase, you will get an email confirmation.  You will not be mailed a paper contract.  If you have questions, please call: 1.877.WARRANTY….

SquareTrade 3-Year Fitness Equipment Warranty ($2000-$3000 Items) SquareTrade Care Plans are great value and cost 70% lower on average than traditional warranties.  Upon purchase, you will get an email confirmation.  You will not be mailed a paper contract.  If you have questions, please call: 1.877.WARRANTY….

Financial Sense: Get the facts on high-Deductible Health plans, HSAs

According to an August survey from America’s Health Insurance Plans, an industry trade group, as of January 2010, 10 million Americans were covered by high-deductible health plans with a health savings account (HSA) feature. That’s up from 8 million in January 2009 and 6.1 million in January 2008.

New IDA Collision Deductible Reserve Plan MLM

Question: Do I have to itemize because of our education expenses?

My husband and I both are attending college full time. We’ve never itemized our taxes before and are unsure if we have to itemize this year because we have Tuition/Book expenses. As far as I know we have not exceeded the Standard Deduction Amount based off our 1098-T’s. But I also paid a significant amout of money this year in dental expenses.

So I have two specific questions:
1. Do Educational costs alone mean we should itemize?
2. If not, how do we decide if we should itemize?

Answer: You can take a Hope or LIfetime Learning credit, if you are eligible, without itemizing. Use form 8863.

In order to be deductible, your total medical expenses including the dental would have to add up to over 7.5% of your income – only the part OVER 7.5% could be deducted. Then your total Itemized Deductions, including the medical that’s over 7.5% of your income, would have to be more than the standard deduction, which is $10,300 for a married couple filing a joint return.

Items on Amazon Right Now for Tax Deduction Dental Expenses:

Converting Medical and Dental Expenses Into Deductions (Tax Saving Reports for Small Business, 060) Converting Medical and Dental Expenses into Business Deductions In this tax saving report you will learn how to convert ALL medical and dental expenses into business deductions. That include health insurance, any deductibles, and any paid medical and dental expense your insurance doesn’t cover. Typically that would include the deductible, co-pay, eye glasses, treatment for pre-existing condition…

Use or lose flexible spending account funds

These workplace accounts are a great way to save money. Don’t waste the benefit.

Canadian Medical Reimbursement Plan (PHSP)

Question: High Deductible Health Plan Questions?

My employer is offering a High Deductible Health Plan option for insurance next year and I’m trying to decide if it would be a good choice. I’m 26, healthy and have no dependants. My deductible last year was $1,000 and I never came close to it (or the year before). This plan’s deductible is $1,500 and there is no premium. After the deductible is met they cover 90%, with a $3,000 out of pocket maximum. They also cover $500 yearly of preventative care. Prescriptions are treated like any other care and not covered before deductible (my current plan is a $10/$20/45 tier system). I wouldn’t have trouble covering the deductible but I’m wondering if there is anything I need to be aware of before I choose this plan. What are the downsides? Is an HSA difficult to set up and use?

Answer: I have been on an HSA qualified High Deductible Health Plan for the past three years and loving it. It is no everyday that uncle sam provides you a tax shelter and I take advantage.

Next year as an individual you will have the ability to put away $2,900 for future medical expenses. This would cost you about $55.00 a month to max out. This money would have been used on a premium payment anyway.

The key to HSA qualified healthplans is that it gives people the ability to accept more risk instead of the more common risk of paying more premiums then needed or used. Also, the money is yours to keep and moves with you if you get another job.

Personally, I use my HSA account as a glorified emergency fund. Pursuant to IRS rules, you can use your HSA account to fund Cobra payments. In the event I am laid off, I can use the account to fund my coverage until I can find access to other employment. Also is there if I have a traumatic event.

Is an HSA difficult to set up and use?

No, if you don’t find it difficult to open up a bank account with a debit card option.

Items on Amazon Right Now for High Deductible Hsa Plans:

Do high-deductible plans, coupled with HSAs, promote underinsurance? Consumer-directed care cuts bureaucracy.(POINT/COUNTERPOINT): An article from: OB GYN News $9.95 This digital document is an article from OB GYN News, published by International Medical News Group on October 15, 2008. The length of the article is 426 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: Do high-deductible plans, cou…

Do high-deductible plans, coupled with HSAs, promote underinsurance? The sick and poor are left underinsured.(POINT/COUNTERPOINT): An article from: OB GYN News $9.95 This digital document is an article from OB GYN News, published by International Medical News Group on October 15, 2008. The length of the article is 407 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: Do high-deductible plans, cou…

Low Cost Philadelphia Health Insurance

Philadelphia – Low cost Philadelphia health insurance rates are available from many of the top Pennsylvania health insurance companies such as Independence Blue Cross, Aetna, UnitedHealthOne andnd HealthAmerica.

Understanding the Humana HSA Medical Plan

Question: Did 0bama say he and Congress would use their healthcare plan?

Must have missed where he said he and Congress were so excited about 0bamacare that they would be using it and giving up their taxpayer paid no deductible, multiple plan private program… Did you catch it?
Back – Page 16 of the bill… if your plan changes, or you change jobs you do NOT keep your coverage – you go on the govt plan… 0bama is lying thru his teeth.

Answer: “Do as I say, not as I do.”

What the heck do you think? Absolutely not. They would never do something like that. They are elite, not common.

Items on Amazon Right Now for Deductible Healthcare:

STOP Buying Health Plans and START Buying Health Insurance!: An Easy-To-Understand Guide to the How and Why of Consumer Directed Healthcare (HSAs, HRAs and Deductible-First Medical Insurance) $9.84 We are all excellent consumers. We collectively have no problem clearly identifying what we want, how we want it and when the price is right. We make our educated presence known in almost every marketplace except one— healthcare. Managed care and its first dollar benefits have created a problem and the solution is consumer directed healthcare. We can fix our system of healthcare and your secon…

The Profit Trap: Secrets the Health Insurance Industry Doesn’t Want You to Know (First in a Series) Healthcare reform or not! If you buy, change, cancel or own health insurance of any kind (public, private or group) in your lifetime you better have this book first. America has been kept uneducated on purpose about how healthcare and health insurance really works for decades. Gain control over your quality, access and costs of your healthcare once and for all. Never be taken advantage of again by…

High-deductible plan for United Healthcare staff.(Practice Trends): An article from: OB GYN News $5.95 This digital document is an article from OB GYN News, published by International Medical News Group on February 15, 2005. The length of the article is 426 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.Citation DetailsT…

Sluggish trans-Tasman economies to weigh on Abano

Abano Healthcare expects first-half underlying net earnings will be between $2.6 million and $2.9 million but its second-half results will be well down on that

Small Businesses Face Rising Health Care Costs