The IRS Deductions Blog

Posts Tagged ‘healthcare’

Question: Home Owners Insurance – Higher Deductible or Higher Premium?

When buying a Home Owners Insurance, what is the best approach…. Keeping Higher Deductible or Higher Premium?

Answer: $500 Deductible? That is NOT a high deductible.

But since you shouldn’t be claiming small claims, because 2 will get you cancelled, you should take a high deductible. The premium savings varies, between 10% and 25% off the $500 deductible, if you take a $1000 or $2500 deductible.

Items on Amazon Right Now for Deductible And Premiums:

TurboTax Premier Federal + State 2007 [OLD VERSION] $11.90 TurboTax Federal + State Premier 2007 is great for maximizing deductions, investments and rental property. It guides you step-by-step and checks for errors asking you question in plain English then puts your answers on IRS- and state-approved forms, double checks your return for errors, and then alerts you to audit risks to help you reduce your chance of an audit. Also includes everything in Tur…

LG 5-Year TV Service Coverage ($1,001-$2,000 LCD/LED TV) $179.99 You’ve made the right choice in TV’s so make sure it is protected. The LG Premium Care Plan gives the peace of mind that if service is ever needed, you’re covered. The plan provides protection during and after the manufacturer’s warranty period. When you need support, we provide service conveniently and quickly. Our number one goal is to make it simple and hassle-free….

LG 5-Year TV Service Coverage ($2,001-$2,500 LCD/LED TV) $209.99 You’ve made the right choice in TV’s so make sure it is protected. The LG Premium Care Plan gives the peace of mind that if service is ever needed, you’re covered. The plan provides protection during and after the manufacturer’s warranty period. When you need support, we provide service conveniently and quickly. Our number one goal is to make it simple and hassle-free….

LG 5-Year TV Service Coverage ($701-$800 LCD/LED TV) $119.99 You’ve made the right choice in TV’s so make sure it is protected. The LG Premium Care Plan gives the peace of mind that if service is ever needed, you’re covered. The plan provides protection during and after the manufacturer’s warranty period. When you need support, we provide service conveniently and quickly. Our number one goal is to make it simple and hassle-free….

Teens can raise insurance costs

Dear Action Line: My 16-year-old has his ‘intermediate license’ but can’t stop texting long enough to ask for the car. What should I look for on insurance? — W.S., Tulsa.

Lowering Premiums by Paying for Routine Care (Step 3)

Question: What health insurance plan should I buy?

Hi I’m currently looking for a health insurance. I live in southern California. I’m a 27 year old female, 30 lbs overweight, no known medical condition, looking for something to cover mainly major or serious medical problems.

Answer: Kaiser is going to limit you care to their doctors and when you are out of the area, on vacation for example you can only get emergency care. You will have a primary care provider which acts as a gatekeeper and you need to see them before you can see a specialist.

With Blue Cross they offer an PPO which is a network of doctors you can choose from and you can go straight to a specialist if you feel you need one.
Some people hate the HMO gatekeeper others don’t mind at all it is really personal preference.

You need to figure the cost of the plan two ways. First what will the plan cost if you have no medical bills for the year. What is your total premium for one year?

Then what will the plan cost if you have a serious illness or bad accident. I usually figure $50,000 in medical bills for this scenario. For this you need to add the total premium + deductibles + coinsurance.

Now you can compare the plans to see which one is truly the best deal, you will usually find the high deductible plans work best in either scenario. Then consider a Health Savings Account qualified plan, this can create additional tax savings.

Or you can just call a qualified broker who has probably already done this work.

With all the different health carriers and plans available most people really should use a health insurance broker. A Broker represents multiple carriers and can help you sort through all the different insurance companies and plan options in your state.

For example a typical broker can have access to 10 major carriers and 60 different plans just for one state.
You can try doing your own research on the internet, but if you give a good broker 5 minutes they will be able to make suggestions on which carrier may fit you best.

I suggest using yellowpages.com to search for health insurance brokers in your area.

Don’t call your auto and home agent they specialize in property and causality insurance. You need someone that specializes in health insurance.

Good Luck

Items on Amazon Right Now for High Deductible Ppo Plan:

Khodabakhshian: Seven ways to reduce your healthcare costs

If you put on a few pounds over the holidays, you are not alone. I’m right there with you.Now that the new year is upon us, it’s time to start planning a healthier and more prosperous 2010. It turns out they are closely related: The healthier you are, the lower your healthcare costs.These tips are intended as strategies to improve your health and as a result reduce your healthcare costs.See your …

Individual Health Insurance – www.healthinsurance-quotes.org/Individual.html – 800-868-2333

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

Items on Amazon Right Now for Deductible Copay Coinsurance:

The Basics Of Medical Billing $26.46 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, ppos,…

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: Bullshit about pre-tax healthcare spending?

I think it’s such bullshit that I can’t set up a pre-tax healthcare spending account as an individual, just because my employer doesn’t offer it and I don’t have a High Deductible Health Plan. Does anyone know any alternatives to this? I pay thousands out of my net pay year in and year out, and will for life, for treatment not covered by my insurance. FU BCBS!
I know BCBS doesn’t make IRS regulations, I’m not an idiot thanks. It’s just that I have NEVER had health insurance to cover this particular joint problem, yet every other joint in the body is covered for most treatments and surgery. Ridiculous. America is the richest most powerful country on earth, and the dumbest. Who’s idea was it that health care of all things should be privatized? Decisions on a person’s health should not be made by a profit-driven entity.

Answer: The federal government set up the rules for the Health Savings Accounts. Not BCBS.

In order to qualify for a HSA – you have to participate in a high deductible health plan. Usually that means a deductible of 1000 (for individual) or higher.

Personally, I’m glad I don’t qualify for a HSA. My 500 individual deductible stinks enough. I’d really hate to have a 1000 ded each year.

However, your employer may offer a Flexible Spending Account.

It is similar to an HSA -only any money not used in it at the end of the year goes to the Flex company. You lose it. (With an HSA, the money can roll over from year to year).

I set my Flex to take out enough money to cover my deductible each year. I know I’ll usually use close to that. And, if you are reaching the end of the year and still have money in the account….go load up on Zyrtec and other over the counter medications that you use regularly and submit those receipts to get your money back.

A Flex account will cover non-covered treatment and is funded with pretax dollars also.

Check with your employer to see if they offer a Flexible Spending Account.

Also, if your medical expenses exceed 7% of your income, you can deduct the amount over 7% from your taxes. You can check the irs web site for more info on that.

Items on Amazon Right Now for High Deductible Healthcare Plans:

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…

The Medicare Advantage Piece of the Healthcare Debate

Insurers constantly caution seniors that their Medicare Advantage perks such as hearing aids, dental payments and even gym memberships will fizzle if Democrats get their way and cut government subsidies for them. However, tens of billions of Medicare dollars funneled through insurers also pay for extras that never reach beneficiaries.

High Deductible Health Insurance for Florida

Question: is health insurance through your employer tax deductible?

Answer: that depends of whether it was taken out pre tax or after tax
if it was taken out on a pre taz basis then no, because you didn’t pay tax on that money. If it was taken out after tax then yes it could be. You need to ask your payroll dept how is was taken out.
It is only a deductible expense if you are Itemizing your deductions on Schedule A rather than taking the Standard Deduction. And all medical expenses must be reduced by 7.5% of your adjusted gross income

Items on Amazon Right Now for Health Insurance Deductible Taxes:

Would your business owner clients be interested in a tax-deductible buy-sell?(Business Insurance): An article from: National Underwriter Life & Health $5.95 This digital document is an article from National Underwriter Life & Health, published by The National Underwriter Company on November 15, 2004. The length of the article is 1200 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 b…

Using tax-deductible company dollars for personal life insurance: for many business owners, this is the ‘holy grail’ of insurance planning.(Focus: … from: National Underwriter Life & Health $5.95 This digital document is an article from National Underwriter Life & Health, published by The National Underwriter Company on September 13, 2004. The length of the article is 1356 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 …

Most elected officials volunteer for wage freeze

Citing the difficult economy, most of Crow Wing County’s elected officials and senior management staff volunteered for a wage freeze for 2010.

Six Steps for Buying Health Insurance – Intro