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What else can I help you with?
If you pay for your group life insurance through your employer on a pretax basis and name your husband as beneficiary are the proceeds taxable because you paid for the benefit with pretax dollars?
Insurance proceeds are non-taxable funds no matter how the premiums are paid. In Michigan, insurance proceeds received by a spouse,and only a spouse, are also excluded from household income for the Michigan Homestead Property Tax Credit.
When you use the annual dividends to pay the annual premium on a life insurance policy what are the possible implications Can you use the accumulated cash values to pay the annual premiums if so what?
No you can't do that.
What is the difference between pretax and Roth 401(k) contributions?
The main difference between pretax and Roth 401(k) contributions is how they are taxed. Pretax contributions are taken from your paycheck before taxes are deducted, reducing your taxable income now but you will pay taxes on the withdrawals in retirement. Roth contributions are made after taxes are deducted, so you won't pay taxes on the withdrawals in retirement.
Can my employer pay my Medicare premiums?
Yes, your employer can pay your Medicare premiums as a benefit, but it must be done in a way that complies with Medicare rules and regulations.
Can you use HSA money to pay for insurance premiums?
No, you generally cannot use Health Savings Account (HSA) money to pay for insurance premiums. HSAs are meant for qualified medical expenses, not for insurance premiums.
When resigning from a job how long does your old medical insurance cover you for?
It usually doesn't unless you pay the premiums. In most cases you can do something called COBRA which extends the insurance for up to six months, as long as you pay the premiums. It is rather expensive.
What does pretax FEHB incentive mean?
A pretax FEHB (Federal Employees Health Benefits) incentive refers to a benefit where federal employees can use pre-tax dollars to pay for their health insurance premiums. This arrangement reduces their taxable income, resulting in potential tax savings. By using pretax dollars, employees can lower their overall tax liability while also accessing health coverage through the FEHB program.
Is a person guaranteed cobra if she is currently under a group plan and may lose coverage since she recently went on part time status or may just quit her job altogether?
If you were in a group plan, they have to offer you COBRA. The catch is you have to pay the premiums.
If you pay for your group life insurance through your employer on a pretax basis and name your husband as beneficiary are the proceeds taxable because you paid for the benefit with pretax dollars?
Insurance proceeds are non-taxable funds no matter how the premiums are paid. In Michigan, insurance proceeds received by a spouse,and only a spouse, are also excluded from household income for the Michigan Homestead Property Tax Credit.
If you contribute to a savings plan that is pretax do you have to pay taxes on it when you file your yearly taxes?
No
What is cobra insurance?
What is COBRA? Federal law requires many employers to offer continuation health insurance coverage to laid-off workers for 18-36 months. Up until recently, COBRA premiums were subsidized up to 65%. Once again, employees must pay the full cost plus an administrative fee.
Is it possible to pay someone else's insurance premiums with your credit card?
Certainly, if that insurance companie excepts that form of payment
What exactly is cobra health insurance?
COBRA health insurance is for people who have health insurance under their job and then suddenly lose their job due to voluntary or involuntary circumstances. It requires you to pay more in premiums. Check out http://www.dol.gov/dol/topic/health-plans/cobra.htm
Have you heard of a company called Cobra Insurance in the United States?
There is no company called Cobra Insurance. What you're thinking about is COBRA insurance, which stands for Consolidated Omnibus Budget Reconciliation Act, which for most people its main usage is allowing you to basically pay your premiums for your old job's insurance when you leave the company until you get new insurance or 18 months.
Why does the insurance company get paid back the money Isn't that why we pay our premiums?
You pay premiums because insurance companies are a business and they are there to make a profit. Also, the premiums you pay go into a pool of money so the insurance company can pay out claims when necessary.
When you use the annual dividends to pay the annual premium on a life insurance policy what are the possible implications Can you use the accumulated cash values to pay the annual premiums if so what?
No you can't do that.
How can I elect Cobra without paying?
It is illegal to elect Cobra without paying. Cobra is a health insurance program that allows you to continue your employer-sponsored health coverage after leaving your job, but you are required to pay the premiums yourself. If you are unable to afford Cobra, you may be eligible for other options such as Medicaid or marketplace insurance plans. It is important to explore all available options to ensure you have access to necessary healthcare coverage.
