Ask A Question
Finance Questions? Ask a Financial Expert for Answers ASAP
Health Insurance Questions
Health insurance includes insurance coverage against any kind of loss due to an illness or injury. It covers a person’s medical bills, hospitalization bills; visits to the doctors, etc. People will be required to pay premiums towards the policy depending on the amount that they are covered for. Health policies can either be bought directly by the individual or provided by the employer. One may also list dependants on this insurance policy. There are various kinds of health insurance policies that cover an individual at various degrees. People may have questions about the different kinds of policies and payment options that are available to them. Given below are some of the most commonly asked questions that have been answered by Experts about health insurance policies
Does a person who is listed on their spouse’s insurance policy have to buy Medicaid on reaching the age of 65?
A person who is already listed on their spouse’s insurance may not have to purchase Medicaid when they reach the age of 65. Medicaid is usually meant for people with a low income and is a basic health care program. Although, if the person is already covered by an insurance plan, the individual may not require Medicaid.
Can insurance premiums be deducted when an individual files his/her tax returns?
Most of a person’s insurance premiums may be deductible as medical expenses. These expenses also include the amount that one may pay for doctor and dentist bills, money spent buying glasses or contact lenses, prescription money and hospital bills. However, one may be able to deduct these expenses only if they cross 7.5% of one’s adjusted gross income. A self employed individual may have to show that he/she has made a net profit for the year in order to deduct health insurance premiums from his/her tax returns.
Would long term health care insurance be helpful for people who are above the age of 60?
In most situations, long term health care insurance may be helpful for people who are 60 years or above. This may however, depend on what the cost of the nursing home is. Some insurance policies may even cover help provided at home. If the premium for the policy is unaffordable, the individual may make a few changes to the policy to reduce this amount. In addition to this, if the person has Medicare, then it would cover the first 100 days of the individual’s stay at a nursing home.
An individual’s minor child is covered on his/her health insurance. Would the child’s baby also be covered by this policy at its birth?
In most situations, the insurance cover for the minor’s baby may end at the delivery of the child. Only the mother of the baby, who is the minor daughter, may be covered once the child is born. If the individual wants insurance coverage for the baby as well, he/she may have to plan for this before the baby’s birth and take a separate policy for it.
What would happen if a person wrongly lists their daughter as a dependant on a health policy but she does not qualify as one?
Most of the times if a person lists their daughter wrongly on the insurance policy and the child does not qualify a dependant, the individual’s policy may be cancelled, the individual may be required to pay back the premium that was paid by the employer or he/she may be asked to pay a part of the premium for his/her child and allowed to keep the policy.
Life can be very unpredictable. You will never be able to say when you will be faced with a medical emergency. Most of the times these emergencies result in huge expenses in the form of medical bills and hospitalization charges. At such times, it can be very helpful it you have health insurance coverage. The insurance will cover most of your medical expenses and reduce the financial pressure on you. You may consult an Expert and get any of your queries answered before you take any decision about the policy.
Recent Health Insurance Questions
Can a parent or grandparent pay for their adult child or
Can a parent or grandparent pay for their adult child or adult grandchild's medical expenses if paid directly to provider without it applying as a gift? If so, is the definition broad in that it includes: health insurance premiums, doctor visits, prescriptions,
rehabilitation and prescribed medical equipment? Does this get declared anywhere?
Need this in an Excel file: You have a truck. It cost you
Need this in an Excel file: You have a truck. It cost you 80,000€. You will own that truck for 6 years. You will drive this truck annually 105600 kilometers. This truck has a trailer. All together there are 10 tires. The 2 new steering tires will cost
450 euros. The other 8 new tires will cost 500 euros. You will need to change the front tires every 100,000 kms. You will need to change the other tires every 120,000 kilometers. Oh by the way, You can recap the other tires twice before you have to buy new
ones. You cannot recap the front tires. You must buy new tires every time. When you recap tires, recapping costs 220e each, but will only last 108000 kms between recapping. After you recap twice, you will again need to buy new ones. You should add 5% to the
total tire cost to account for the risk of damage. Your driver works 9 hours a day, and earns on average 14,00 an hour. His benefits add up to an additional 65% of his pay (these include food allowance, health insurance, ect) He works 220 days a year, but
gets paid on average for 255 days per year because of paid time off. Your driver is heavy on the pedal, and uses an average of 37 liters per 100km (0.37l per km) and fuel costs 1,41€ a liter. You will need to change the oil on this truck. Oil changes cost
an average of 9% of total fuel cost. You will need to repair and maintain this truck. You will spend an additional 14% on top of the value of the truck to repair and maintain it. You will pay 1300€ a year for the insurance of the truck. You will pay 1200€
a year for the diesel tax. Now do that for every truck you own, knowing that every driver and every truck has different numbers. Task: Find out how much this truck will cost PER KILOMETER over the 6 years. You cannot calculate this for the first year and multiply
by 6, because of the tires. You do not pay for the tires mileage you don't use after selling the truck (if you use 85% of the last set of tires, subtract 15% off of the price for that last set)
I'm not sure which this should be in maybe accounting, but I
I'm not sure which this should be in maybe accounting, but I need to know how much dollar vs dollar when it comes to employed versus self employed. For instance $1 of self employment equals $X amount of employed. or $1 of employed equals $X amount of self
employed. The only thing not counting is no health insurance either way, or bonuses ect. Just what is mandated. (Trying to decide which is more benificial job to work at money wise only, commute, insurance ect plays no factor, strictly just income). I had
another question but I cant think of it at the moment but it is in the same element, I will type it when I think of it. Thanks!
View More Finance Questions
Experts are Online Right Now
Ask Your Own Finance Question
Ask Your Question Now
Ask a Finance question
Type Your Finance Question Here...
Financial Professionals are Online Now
In The News
How JustAnswer Works:
Ask an Expert
Get a Professional Answer
Ask Followup Questions
100% Satisfaction Guarantee
Ask a Financial Professional
Get a Professional Answer. 100% Satisfaction Guaranteed.
Financial Professionals are Online Now
Type Your Finance Question Here...
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Become a Professional
Terms of Service
Privacy & Security
© 2003-2014 JustAnswer LLC