Don’t Make This Common Mistake in Calculating Medical Expenses
Your medical expenses may make up a large part of your itemized deductions. While a large amount of deductions can lead to a large income tax refund, it is important not to overstate your medical expenses by including medical reimbursements. Keep in mind, you can include in medical expenses only those amounts paid during the taxable year for which you received no insurance or other reimbursement. If you receive reimbursements from medical expenses from insurance or other sources, such as Medicare, during the year, you must reduce your total medical expenses for the year by the amount of the reimbursements. You do not have a medical deduction if you are reimbursed for all of your medical expenses for the year.
Health Savings Accounts (HSA): The Basics
What is a Health Savings Account? An HSA is a tax-sheltered trust account you own for the purpose of paying qualified medical expenses for yourself, your spouse, and your dependents. When you enroll in an HDHP, the health plan determines whether you are eligible for a Health Savings Account (HSA) or a Health Reimbursement Arrangement (HRA) based on the information you provide.
Saving tax in educational loans and home loans
Educational loans and home loans have made it easier for the Indian citizens to acquire higher education and homes without financial stress. The smart Indian tax payer however appraises the same for a host of tax-saving components that are hidden in the loans. Yes, educational loans and home loans enable the Indian home buyer and the student/parent to claim tax deductions in several areas. Read on to know more.
Using California Health Insurance And Health Reimbursement Arrangements After Retirement
As one approaches retirement, it is increasingly important to have some sort of protection from major medical bills. Did you know that while you are still employed, you may be eligible for a Health Reimbursement Arrangement?
HMO/HRA's, A 'Lid' To Your Boiling Employee Benefits Issues
When considering Health Reimbursement Account (HRA) products as a strategy for your organizations health and welfare benefits, it is important to understand the features, benefits and potential return on investment (ROI) For example, if you have an manufacturing organization that has a predominately male population, you may want to seriously consider this option
4 Decisions You Have To Make When Picking Your Small Business Health Plans
As a business owner, providing small business health plans for your employees is a very important decision you have to make. The decision to have a health plan, however, is only the first step. Here are some other decisions you'll need to consider:
Are Health Savings Accounts Like Health Reimbursement Arrangements?
Health insurance plans available in the individual market offer much lower premiums than plans in the group market. Employers have been switching from group coverage to individual options to keep costs down, and the main choice has been Health Savings Account plans. Known as an HSA, a Health Savings Account can make most health care expenses tax deductible, and provide tax-deferred earnings. Individuals and business owners can start an HSA once they have the type of high-deductible health plan that's certified to work with one of these tax-advantaged savings accounts.
Can the Health Savings Account (HSA) and the Flexible Spending Account (FSA) Be Combined?
A large number of people are including the HSA to their benefit offerings; they are doing this either to replace or doing it alongside a conventional HMO product. There is strong belief that trouble is bound to erupt where there is an existing Flexible Spending Account.
Will Tennessee Health Reimbursement Arrangements Restore Patient Power?
For decades, the money spent by consumers on health care has significantly decreased. Before, people used to pay for 50 percent of their medical care. Nowadays, consumers only pay about 15 percent due to the help offered by third parties like the government, employers and insurance companies.
California Health Insurance Costs Can Be Mitigated With HRAs
Insurance premiums have been on the rise for decades. The Commonwealth Fund report noted that California health insurance premiums have increased much more than income has grown. Are more rate increases coming this year? One of the ways that businesses have been helping employees with the rising cost involves Health Reimbursement Arrangements.