The IRS Deductions Blog

Posts Tagged ‘hsa’

Question: When it comes to health insurance, should you go with the lowest deductible?

My husband and I are both in school and he works part time, I work full time. Im setting up my benefits, but I dont know what to do about the medical stuff. We are trying to save money (school expenses) so what would be the best to go with? We dont visit the doctors often, however its nice to have the insurance if an accident happens or sicknesses. What do you think? How can we get good coverage but not pay a fortune?

Answer: I am like you, I rarely (if ever) go to the doctor, however I also do not want to be liable for the rest of my life financially should something happen and land me in the hospital. I actually risked it and couldn’t afford insurance for quite some time, then I found Ameriplan which isn’t insurance but actually a discount health plan organization which I have been with for 2 years now.
You can take a look at the plans, etc. at http://www.mybenefitsplus.com/cberney

I have since also enrolled with a high deductible insurance plan which keeps my monthly fees lower and yet is in place should something major come along. You can find plans with deductibles around $5000-10,000 and granted it won’t really come into play except for something huge, but I use the Ameriplan discounts along side with it all throughout the year for any doctors appointments I may need or even dental cleanings, etc.

Hopefully this will help you out a bit and let me know if there is anything else you would like to know and I will see if I can help at all.

Good Luck!

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Insurance change for St. John schools

L’Observateur RESERVE – Faced with a 17-percent increase in employee health insurance rates from former provider Blue Cross/Blue Shield, the St. John the Baptist Parish School Board was forced to choose between the option of reducing benefits or increasing spending.

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Grant Thornton LLP Offers 10 Year-End Tax Planning Tips

Grant Thornton LLP wants to remind America that it’s the perfect time to consider some holiday season tax planning strategies as 2010 winds down.

Business.com – Consumer-Driven Health Insurance: What Employees Need to Know

Question: tax write offs for elderly….?

Does anyone know if you can possibly itimize deductions for assisted living / nursing home care if your doctor tells you have to go there and can’t live alone?

If so…can you also write off the furniture you had to buy, the deposit, medications or anything else you have to pay for out of pocket besides the cost of living there?

Thanks…all answers are appreciated and the best will get 5 stars.

Answer: as far as i know medical expenses can be a deduction if they are over a certain amount. anything above and beyond that may be able to be deducted if it was out of of pocket cost. medications and such things that are covered by insurance can not be deducted. some items may require documentation of necessity by a doctor. below is the article link for what expenses are allowable:

http://www.irs.gov/taxtopics/tc502.html

also: tax counseling for the elderly at the irs website.

http://www.irs.gov/individuals/article/0,,id=109754,00.html

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Budget 2010/2011: PM’s speech

By YAB DATO’ SRI MOHD. NAJIB TUN ABDUL RAZAK PRIME MINISTER AND MINISTER OF FINANCE INTRODUCING THE SUPPLY BILL (2011) IN THE…

Christmas Appeal Christmas Video

Question: Is an employer able to combine an HRA along with an HSA?

An employer utilizes a high deductible HSA eligible health plan but wants to fund a portion of the deductible with an HRA. Is the employee still able to open and fund a HSA (Health Savings Account)?

Answer: Absolutely. They offer the option where I work.

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Blues to offer biz cheaper PPO plans: High deductibles hallmark of suite

Jay Greene – To satisfy employers’ desire for lower-cost health insurance, Blue Cross Blue Shield of Michigan in January will offer a new suite of high-deductible PPO products called Simply Blue. “We are trying to simplify and streamline what we offer to laser in on what our business customers want in this market,” said Kathryn Levine, Blue Cross vice president of corporate marketing and …

Health Reimbursement Arrangements with The Choice Care Card

Question: HOW AND WHEN DO YOU PAY A HEALTH INSURANCE DEDUCTIBLE?

I KNOW HOW COPAYS, COINSURANCES AND DEDUCTIBLES WORK BUT WHAT IM NOT UNDERSTANDING IS HOW AND WHERE AND WHEN DO U PAY FOR A DEDUCTIBLE?? DO U PAY THE INSURANCE COMPANY INDIVIDUALLY OR DO U PAY THE DOCTORS OFFIVE OR CAN YOU GO TO A PLACE TO PAY IT?? IM CONFUSED… HELP!!

Answer: You pay the doctors or hospital, the full amount, until you’ve paid the deductible. You ALSO send the bills to the insurance company, so they can see that you’ve paid it.

The insurance doesn’t start paying any bills, until you’ve submitted enough covered charges to hit the Deductible Amount.

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Council hears new health insurance proposal

The Mesquite City Council received a presentation Aug. 2 regarding the proposed health care changes for the upcoming fiscal year during its regular work session.

No Deductible Health Insurance