Health Care

Payments to psychiatrists, psychologists, medical doctors, dentists, eye doctors, chiropractors, physical or occupational therapists, acupuncturists and medical care psychoanalysts, are itemized deductions subject to your 10% / 7.5% AGI limitation on IRS Schedule A.

The amount you paid for acupuncture can be deducted as a medical itemized deduction on IRS Schedule A, subject to the 7.5% Adjusted Gross Income limitation.

If you received a distribution from a 401(k)pension plan, annuity or insurance contract, the company that makes the payment will send you a Form 1099-R. This form is also sent by organizations that distribute payments from a profit-sharing plan, Individual Retirement Accounts (IRAs), or other retirement programs. The IRS will also get the same copy.

A Section 125 cafeteria plan is an employee benefit plan governed by the rules of Section 125 of the Internal Revenue Code. Cafeteria plan is a nickname for plans that give an employee a choice of selecting either cash or a qualifying, nontaxable benefit. Its purpose is to provide a method for allowing the employee to choose from a menu those benefits the employee desires to utilize. Generally, the benefits are fully or partially paid for by the employer. If the employee is required to pay for some or all of the benefits, they typically pay for them on a pre-tax basis.

Generally, worker's compensation protects you if you are injured while performing your job. Disability insurance covers you for any injury or illness, whether it happens at home or on the job. If you work for an employer who provides you with disability insurance, you should assess exactly how much you are protected for to determine if additional coverage is warranted.

Split dollar insurance is not a type of insurance. It is an arrangement by which the premiums, cash values, and death benefits of a regular insurance policy are split by two or more participants. A split-dollar plan is a tool for an employer or owner of a small business to reward hard-working employees. By using a split-dollar plan, the owner can provide important key employees with life insurance protection and at the same time help them earn a fund to provide for additional retirement income.

The Health Insurance Portability and Accountability Act was created on July 1, 1997. It protects an insured person's insurability. Before this law, if an insured person lost insurance coverage they could be required to prove insurability before obtaining new coverage. Now, if a person has been insured for the past 12 months, a new insurance company can't refuse to cover that person and can't impose pre-existing conditions or a waiting period before providing coverage.

Uninsured motorist coverage pays you if an uninsured motorist hits your car and you are injured. You may also want to consider under-insured motorists coverage, which will protect you if the driver who crashes into your car has minimal coverage, which is not sufficient to cover extensive losses.

Transportation expenses for medical care and treatment are deductible medical expenses reportable as an itemized deduction on IRS Schedule A subject to the 10% / 7.5% limitation.
This includes trips to visit doctors, dentists, hospitals, and pharmacies. The expense must be primarily for, and essential to, medical care.
The standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 24 cents per mile driven for medical or moving purposes.