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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.
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