The IRS Deductions Blog

Posts Tagged ‘medical’

Question: Medical bills going to court has anyone ever won?

I had gallbladder surgery in late February. My deductible is $5000 with insurance. I p[aid the hospital $1000 upfront before the surgery. I still owe $3500 thereabouts. Husband has been out of work injured on job (no workmens comp no assistance whatesover but we are in applying process for social security) I have four kids and was a stay at homeMom and I have a heart problem. I went back to work fulltime but Im a travel agent so I dont make a lot of money and with mortgage and 4 kids I cant pay this bill (mind you husband has had two hip surgeries so we owe like $50,000 there as well) I told the hospitasl when husband gets disability backpay in a couple months Id pay them in full but they are still sueing me at end of this month is court case. have you ever heard of a judge feeling sorry for a person and throwing the whole case out? I cant pay this bill I can barely pay my mortgage and monthly bills. I was told I cant get govt assistance because Im not an aillegal alien.

Answer: Shame! We always loose, companies win. Go and watch SICKO BY MICHAEL MOORE. USA is the only ‘rich’ country in the world that does not care about their citizens and gives them proper health care. Look Spain, France, Italy, Germany … all of them have FREE and GREAT health care systems, while we here have nothing. You can die and if you do not have insurance, they let you die. Worse than animals!

Items on Amazon Right Now for Deductible Disability Insurance:

Back injury can set you on your back and set you back financially

Whether you’re doing heavy lifting as part of your “honey-do list” around the house or simply lifting groceries out of the car, a back injury can set you on your back (literally) and set you back financially. According to a tally of accident insurance claims submitted in 2009 to Colonial Life & Accident Insurance Company, back sprain or strain was the number-one occurring injury.

Lyme Disease – Lovette’s Story : Ticked Off and Fed Up

Question: What is a Major Medical Deductible on Health insurance?

I currently am receiving quotes for medical insurance and I have this one policy quote that does not list a deductible, but it does list this Major Medical Deductible for $3500.00 & total out of pocket $6000.00? What does this mean? Is this for Emergency care only?

Answer: The total out of pocket includes the co-insurance. The plan will have a percentage, most of which are 80%/20%. After you pay the deductible of $3500 you pay a percentage of the medical charges until you’ve paid a total of $6000. Then the policy will pay for all covered charges.

“Major Medical” usually means a comprehensive policy, as opposed to a policy with many limits to the coverage. How it’s used on your quote I have no idea because not all companies use it and just because a quote doesn’t say it’s major medical doesn’t mean it’s not. Also, many plans could be considered major medical and still have many limits to the plan.

You’ll be less confused if you visit an agent that works with all the major companies in your area. The agent can find the best policy for your situation and budget in a few minutes, saving you a lot of time. They can also explain the coverage of the policy and, more importantly, what is not covered. There is no extra charge using an agent.

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Adel journalist, author investigates story of immigrant deaths

DENISON, Iowa- When Colleen Bradford Krantz, then a reporter for the Des Moines Register, heard the story of 11 immigrants found dead inside a grain car in Denison, she was struck – as many journalists are – with a multitude of questions.

4 Steps to Saving Money on Health Insurance and Medical Expenses

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.

Items on Amazon Right Now for Medical Deductibles:

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

Question: Medical Expenses Tax Deductions for Expatriates?

I live overseas permanently, but file US Income Taxes. According to the IRS, I know I can deduct my medical expenses as long as they are 7.5% or more of my gross income. However, can I still do this even though all of my expenses are incurred outside the U.S.?

Answer: You are allowed the same medical expense deduction as if you were living in the United States. Consult IRS Publication 54 (linked below) for more detail.

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Last baby of ‘09 recognized, too

With all the hype surrounding the first baby born in the New Year, one baby is being recognized for being the last born in 2009.

Tips & Advice for Income Tax Deductions : Introduction to Medical Deductions for Income Taxes

Question: If the taxpaper had an AGI of 20,000 and paid 13,00 in medical and dental expenses, the deduction would be?

Answer: The deduction would be Zero.

7.5% of 20,000 is 1,500, which is $200 less than what the taxpayer paid in medical and dental expenses.

Now, if they paid 13,000, then the deduction would be $11,500… (not sure about your comma placement)

I hope that helps.

Items on Amazon Right Now for Medical Expenses Deductions:

The Roth Question

Now that it’s 2010, anyone can convert a traditional IRA into a Roth IRA. Not everyone should. Here’s help deciding.

Medical Expenses a Commonly Missed Deduction