What is a Deductible for medical insurance?
A deductible is the amount that the policy holder must pay before any benefits are covered under the plan. Some plans do cover some limited services prior to the deductible being paid, or they may not cover any. It is important to know what your deductible amount is, before you purchase a policy, to make sure that you can truly afford it in the event you need medical services.
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Your doctor gave you services based on YOU paying. His deal is with you, not the Insurance Company. Did the MD PROMISE that you would only have to pay if Insurance Covered it?… for more details see www.SteveShorr.com
Answer . \nyes. but they change up sometimes from year to year. call a certified accountant and ask that one question. free of charge.
If you win a lawsuit and have to reimburse the insurance company for medical expenses can you deduct those medical expenses?
Answer \n\n\nYou should be able to claim the medical expenses against your income tax, but there are limitations.\n\nYou may have to claim them for the year that they were i…ncurred. Which may mean you have to re-file taxes for that year. And Medical deductions are subject to a percentage offset. Consult your attorney, who should tell you when you get your award, or consult a tax expert.\n\n\n Answer \n\nI gather what happened is you had medical expenses that were originally paid by (say your) insurance company. And instead of subrogation, you continued the lawsuit and won. The money you won had to be returned to the insurance company that already paid you for it (recovered). \n\nIt is all going to offset - you can't deduct the medical expense unless you claim the income from the insurance company paying you for the lawsuit. But, the easiest handling would be just like any other covered medical expense...your insurance deductible and such costs are income tax expenses if they are above the minimums (unlikely).
\n. \n Answer \n. \nI don't quite understand your question. There might also be co payments, ie 80/20 and "negotiated" rates - discounts from the Medical Provider to …the insurance company.
What if I have to have a costly medical procedure done but have not met my yearly deductible will my insurance cover any of it?
If it's a costly procedure, then you'll probably go over the deductible amount and get paid on everything over that. Check your policy or brochure.
Can I add my monthly health insurance payment from my employer to my medical deductions, such as medications prescribed, office visits, etc..
A deductible is the amount that the insured has agreed to pay before the insurer is obliged to pay anything on a covered claim. It can be considered to be an amount for which …the insured has agreed to "self-insure". In general, there is a correlation between deductibles and premium, in that a higher deductible will correlate with a lower premium.
That is tough to answer. It really depends upon if you are talking about and HMO, PPO, or HSA (HDHP) style of plan and where you are located. The most common deductible in the… northwest, where I am, is 250-500 and the most common plan types are PPO and HMO. Movement over the past few years has been toward 500 and $1000 is starting to gain tracktion.
If you pay child support and are responsible for medical insurance and deductibles and that child becomes pregnant do you have to pay medical bills for her pregnancy or can she get medicaid for hersel?
As you are doing the correct thing by paying all her bills, but this was not included in the divorce decree , here the boyfriend who made her pregnant should pay the entire me…dical bill for getting her pregnant, his family should pay the hospital bill.
Unreimbursed medical expenses are only deductible in the year that they are paid as a part of all other unreimbursed medical expenses on the schedule A itemized deductions of …the 1040 tax form subject to the 7.5% of adjusted gross income limit. The amount over the 7.5%limit is added to all of your other itemized deductions on the schedule A tax form.
We all know about Medical Insurance but many of us dont really have such insurance policies. To motivate people to get insured, the government has provisions under section 80D… to help you reduce your tax liability if you have such policies. The premium amount, which is paid for medical insurance policy for self and family members to protect them from sudden medical expenses, comes under this section. The maximum amount allowed for exemption annually for self, spouse and dependent parents/children is Rs. 15,000. In case of a senior citizen, the maximum amount extends up to Rs. 20,000. If you are paying the premium for your parents (whether dependent or not), you can claim an additional maximum deduction of Rs. 15,000.
Can your ex employer bill me for medical insurance that wasn't deducted from my paycheck while employed by them?
Yes. When you receive a bill from your employer that would mean that they can bill you for the medical insurance while you were employed by them.
No. Medical insurance covers medical expenses, not insurance premiums.
Yes. Health insurance premiums are tax deductible to an individual under IRC Section 213(d).
The average deductible for medical travel insurance in Europe depends on specific aspects of the traveler and the trip. Age of the traveler, length of the trip, and medical li…mits all factor into the deductible of the insurance.
No. The medical coverage and liability sections of a homeowners policy do not contain any deductibles. These sections do not cover the homeowner or any household residents.
I hope you mean the lack of tax deductions. The medical deductionsare the same as they have been except the threshold has increasedfrom 7.5% to 10% for most people. You can de…duct insurance premiumsyou pay yourself with after-tax income. This means that theinsurance you pay through your employers Section 125, Cafeteria,Section 403 employer, or other pre-tax plans are not deductible.You can claim your co-pays and deductibles but you can't deductmedical expenses paid by insurance.