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Can An Employee Raise Your Health Insurance Deductable?

Question by vixiixiv | Posted in Insurance

and not inform the employee.. last year the deductable was $1,000 -- I just noticed this year on a benefit statemet it was $7,500.. I found out second hand that we are also playing ALL our insurance, but didn't know aobut the deductable raise... is that ever legal to know let employee know?

Answer: Sure, the company can change the deductible, but the employees should be notified. I'm not aware of any law in NY that says employees must be notified, but I've never seen an employer who did not tell their employees of a change. They wouldn't want the revolt it would cause.

good luck
 
 

Is Buying Your Own Health Insurance Tax Deductable?

Question by Billy Clark | Posted in United States

My girlfriend is a nurse at the local hospital and she buys her own health insurance rather than using the plan her job uses. She spends about 225 a month. I was wondering if this is tax deductable.

Answer: Medical expenses include insurance premiums paid for medical care or qualified long-term care insurance. You may not deduct insurance premiums for life insurance, for policies providing for loss of wages because of illness or injury, or policies that pay you a guaranteed amount each week for a sickness. In addition, the deduction for a qualified long-term care insurance policy's premium is limited. Refer to Publication 502, Medical and Dental Expenses.
You may deduct only the amount by which your total medical care expenses for the year exceed 7.5% of your adjusted gross income.
You do this calculation on Form 1040 Schedule A in computing the amount deductible.
Hope that

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Health Insurance Deductable?

Question by Jenny S | Posted in Insurance

i'm getting married next summer and my fiance's insurance has a family deductable of $2500. Is this anywhere near average? I have multiple health issues and this is going to kill us financiallly.

Answer: Suggest having your fiance check to see if his $2,500 deductible plan will qualify to be a health savings account (HSA).

If it is - have him find a local bank which offers the special bank based account that goes with the insurance part of the HSA. Then have him start funding his account. The IRS allows up to $3,000 in 2009. You also can add money to his account. These funds can build up and when you get married you can use the account to pay for day to day medical expenses such as not feeling well and needing to see a MD. BTW some HSA insurance plans cover an extensive list of preventive treatments at no cost to the person.

If his plan will not qualify to be a

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Is Health Insurance Deductable From Income Tax?

Question by tricky rick | Posted in United States


Answer: Health Insurance can be a deduction, but it must not be "pre-tax" premiums thru your employer.
If it is not pre-tax, yes you generally can, along with all out-of-pocket paid expenses.
Doctors, Hospital, Prescriptions, Transportation to a medical facility, mileage to all those places. Nursing home costs, medical equipment...

good luck & bless

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Is Health Insurance Deductable As A Busines Expense For The Partners Of An LLC In Illinois?

Question by Chris S | Posted in Small Business


Answer: It's not deductible.
However, should be reported as a note on partners' K-1 and is treated as self-employed health insurance on form 1040 - personal return. Please note it goes on page 1 of 1040, not as an itemized deduction.

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What does the term, deductible refer to in health insurance ...

by admin

The Explanation of Benefits you receive in the mail from your insurance company for services you receive will let you know if the insurance company paid for the service or if all or part of the service was applied to your deductible. After your deductible is met, your insurance company will pay a percentage of the bill after that and you will have a percentage as well (for example, if you have an 80/20 plan, your insurance company will pay 80% of the allowed amount of the......

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