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What is the amount that an insured person must pay before reimbursement for medical expenses begins?
Wiki User
∙ 13y ago
Your health insurance policy will specify DEDUCTIBLE amounts on the Declarations page (usually the first page) of the insurance policy. This is the amount that you must initially pay before the insurer is on the risk for any payment. Additionally, there are copayments, also specified in the policy, for which you will be responsible. These recognize that the insurer is only responsible for a portion of covered expenses incurred. An example is that the insurer would pay 80% of the covered expanse, and the copayment would therefore be 20%, which would be the insured's responsibility.
Wiki User
∙ 13y ago
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Which type of hospital expense policy pays a fixed amount each day that the insured is in a hospital?
A Hospital Indemnity policy pays a fixed amount each day the insured is hospitalized, unrelated to medical expenses.
What is Medical Insurance Premiums?
The price one would pay for Health Insurance.
What percent of medical bills are tax decuctible?
If you itemize your deductions using the Form 1040, Schedule A itemized deductions, you may be able to deduct your UNREIMBURSED medical expenses you paid during the year for medical care. You can only include the UNREIMBURSED medical expenses you paid during the year. Your total medical expenses for the year must be reduced by any reimbursement. You may deduct only the amount by which your total UNREIMBURSED 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. You can find the below information by going to the IRS.gov website and using the search box for Publication 502 (2009), Medical and Dental Expenses
How do you record reimbursement in a journal entry?
At the time when i incurred expenses on behalf of company expenses a/c dr. Cash/bank a/c cr. At the time when i got reimbursement for the amount bank/cash a/c dr. Party a/c cr.
Are hearing aids for an elderly parent tax deductible?
You can include in medical expenses the cost of a hearing aid and the batteries you buy to operate it. If you itemize your deductions using the Form 1040, Schedule A itemized deductions, you may be able to deduct your UNREIMBURSED medical expenses you paid during the year for medical care. You can only include the UNREIMBURSED medical expenses you paid during the year. Your total medical expenses for the year must be reduced by any reimbursement. You may deduct only the amount by which your total UNREIMBURSED 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. You can find the below information by going to the IRS gov website and using the search box for Publication 502 (2009), Medical and Dental Expenses
How Much Medical Expenses are tax deductible?
Medical expenses are deductible up to the amount that they exceed 7.5% of your AGI. If you had an adjusted gross income of $100,000 and your unreimbursed medical expenses were $13,000 than your medical expenses deductible would be $5,500 (13,000 - (100,000 * 7.5%)).
What is the difference between health insurance policy and Critical illness policy?
A Health Insurance policy is a reimbursement of the medical expenses. Well Critical illness insurance is a benefit policy. Under a benefit policy upon the occurrence of an event, the insurance company pays the policyholder a lump sum amount. Under a Critical Illness policy, if the insured is diagnosed with any critical illness as specified in the policy.
How much will I get back in taxes from medical expenses?
You won't get money back in taxes, you will get to subtract your medical expenses from your taxes. This will lower the amount of taxes you pay.
What is the most important value of health insurance?
It reduces the amount you pay for medical expenses.
Can you file medical bills on a tax return?
If you itemize on your tax return then yes you can file expenses on your tax return. You can only list the amount that you pay out of pocket after reimbursement from insurance companies. Also, you must exceed the threshold of 10% if you are under 65 and 7.5% if you are 65 or older.
Do you have to itemize to get a deduction for hearing aids?
You have to itemize your medical expenses in order to get a deduction for hearing aids. Then you only get to deduct the amount of medical expenses that are above 7.5% of your adjusted gross income.
Will under-insured motorist help you with your medical if your apassenger in the car of the under-insured during the accident?
Depends how "underinsured" the person is... insurance will carry a certain amount of claim paying ability. If the medical cost is greater than the amount the person is insured for you have 2 options: 1. If you have auto insurance - contact your company and they'll pay your medical expenses through something called "No-Fault Coverage" 2. If you are under the care of your parents and they named you on their policy - the same "No-Fault Coverage" applies. These are the only good options. You can always sue the "under-insured motorist" - but that will take time and it will mean that they will have to come up with the difference personally (garnish their wages, sell assets, etc) Good luck. ANC, esq
