Health Care
The most frequently asked tax questions related to Health Care
Do I need auto insurance ?
Asked Friday, November 03, 2000 by an anonymous userCPA Answer:
In many states, it is illegal to drive a car without proof of insurance.
Car Insurance accident statistics show over 12 million cars are involved in accidents. If you are at fault in an accident in which someone is injured, either a passenger in your car, a pedestrian, or an occupant in another car, your potential liability can be financially devastating.
In an insurance policy , what is a Revocable Beneficiary ?
Asked Friday, November 03, 2000 by an anonymous userCPA Answer:
A Revocable Beneficiary is a beneficiary named within a life insurance policy in which the owner reserves the right to revoke or change the beneficiary designation.
What is an Annuity ?
Asked Tuesday, October 31, 2000 by an anonymous userCPA Answer:
An annuity is a contract between an insurance company and an individual whereby the insurance company agrees to make periodic payments to the individual for a certain period or for the life of the individual. Generally, a fixed annuity may be right for you if you want to supplement pension and other qualified retirement plan contributions or you want the benefits of tax deferred accumulation or you want to provide a lifelong income for a family member such as a disabled child, regardless of age or you value safety without management worries.
What is a Variable Annuity ?
Asked Tuesday, October 31, 2000 by an anonymous userCPA Answer:
A Variable Annuity is an investment contract issued by a life insurance company designed to offer continuous income through participation in a mutual fund portfolio. The life insurance aspect of the contract provides tax benefits as well as a death benefit as an additional benefit.
Insurance premiums - paid by employer
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
No. You are not taxes on the amount of the insurance premiums for health, accidents or hospitalization paid by your employer for you your spouse or your dependents.
Former employer - Cobra denial
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
Continuing coverage rules apply to small employers who in the previous calendar year had more than 20 employees on a typical day.
If your former employer had more than 20 employees on a typical day then your former employer cannot deny you COBRA coverage because your wife has a group health plan.
COBRA is continuing coverage for health plans that is offered a employee upon his or her leaving a company.
Usually the COBRA coverage can last up to 18 months. Generally, The cost of the COBRA coverage will be paid by the employee.
If your former employer had more than 20 employees on a typical day then your former employer cannot deny you COBRA coverage because your wife has a group health plan.
COBRA is continuing coverage for health plans that is offered a employee upon his or her leaving a company.
Usually the COBRA coverage can last up to 18 months. Generally, The cost of the COBRA coverage will be paid by the employee.
Former employer- COBRA denial
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
Continuing coverage rules apply to small employers who in the previous calendar year had more than 20 employees on a typical day. If your former employer had more than 20 employees on a typical day then your former employer can not deny you COBRA coverage because your wife has a group health plan.
COBRA is continuing coverage for health plans that is offered a employee upon his or her leaving a company.
Usually the COBRA coverage can last up to 18 months. Generally, The cost of the COBRA coverage will be paid by the employee.
COBRA is continuing coverage for health plans that is offered a employee upon his or her leaving a company.
Usually the COBRA coverage can last up to 18 months. Generally, The cost of the COBRA coverage will be paid by the employee.
COBRA coverage - disabled persons
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
Generally, the COBRA coverage for disabled persons is extended from 18 months to 29 months. The coverage may be as much as 150% of the applicable premium for the disabled individual.
How long is the COBRA coverage for a survivibg spouse ?
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
Generally, The surviving spouse and dependent children of a covered employee who are beneficiaries under the husbands plan on the date of death will be covered for 36 months.