Q. I have a small company with three employees - is it better we get a group health insurance plan or all get individual plans? what are the tax benefits? I was told you can deduct more of the premiums if you are a company rather than an individual?
A. I have been a tax accountant for 27 years. I do not have enough information to give you a reliable answer to your question. However, you should look into a relatively new tax development called the HRA or HSA. Your bank should be able to provide you with information as to how these plans work. They are very flexible and work only when people purchase high-deductible health plans. The HRA or HSA accounts are used to pay out-of-pocket medical expenses (but not the insurance premiums) such as your deductible or co-pays under the plan. They are like IRA accounts for your health. I like them a lot. Please don't be a fool; consult a tax professional. You are in a very complicated area of tax law.
am I going to loose my healthy insurance because of the elections?
Q. that's what I keep thinking.
Im stupid when it comes to politics.
but that whole stay on your parents insurance in till your 26 thing.
am I about to loose that?
Im stupid when it comes to politics.
but that whole stay on your parents insurance in till your 26 thing.
am I about to loose that?
A. Republicans have stated a goal is to repeal the health insurance law that recently passed. However, even if they did Obama would veto it and they don't have the votes to override the veto.
More likely they will not fund certain portions of it, but since this mandate doesn't really need funding it would not be effected. So I guess the answer is no.
More likely they will not fund certain portions of it, but since this mandate doesn't really need funding it would not be effected. So I guess the answer is no.
I am 19 and i need to get my wisdom teeth taken out asap! but i don't have dental insurance?
Q. I had healthy families insurance but since i turned 19, it got canceled. I'm a student at ucla and i have health insurance but no dental plan and recently my wisdom teeth have been a nightmare. Does anyone know an affordable dental insurance that help me out in this situation? Thank you so much for the help!
A. You can check out local universities in addition to ucla to see if you would be able to qualify for for either low cost or free treatment.
You can also check out a discount dental plan. They are actually a great way to save for students. some are just $6.95 per month. If a general dentist does the work, it could cut up to about 50% off the typical fee for your area, but if a oral surgeon does it then its only about 20% (which for $6.95 still saves quite a bit).
Most of the time wisdom teeth can be taken out by both general dentists or specialists, it depends on the complexity. For example when my sister had hers out our general dentist was able to do that. When it came time for me to get my wisdom teeth out, all four were impacted, and so he referred me to a oral surgeon.
If you do want to checkout a dental plan, look at www.emergencydentalplan.com. They are one of the few who allow you to pay for the plan monthly, most require a years payment at a time.
Again check out both options, and especially ucla to see if you can have the work done there, because that may be a great deal.
Hope that helps.
You can also check out a discount dental plan. They are actually a great way to save for students. some are just $6.95 per month. If a general dentist does the work, it could cut up to about 50% off the typical fee for your area, but if a oral surgeon does it then its only about 20% (which for $6.95 still saves quite a bit).
Most of the time wisdom teeth can be taken out by both general dentists or specialists, it depends on the complexity. For example when my sister had hers out our general dentist was able to do that. When it came time for me to get my wisdom teeth out, all four were impacted, and so he referred me to a oral surgeon.
If you do want to checkout a dental plan, look at www.emergencydentalplan.com. They are one of the few who allow you to pay for the plan monthly, most require a years payment at a time.
Again check out both options, and especially ucla to see if you can have the work done there, because that may be a great deal.
Hope that helps.
Do you have to be on a health plan for a certain period of time in order to get Cobra?
Q. I live in NY and have been on NY's Healthy NY insurance plan for years because my previous employer did not offer medical coverage. I started a new job the beginning of the year and have just enrolled in their health plan but the plan will not actually go into effect until April 1. I'm currently looking for another job (hate this job) so I'm trying to find out if there's a minimum amount of time you need to have been on an employer's plan in order to qualify for Cobra. Say I get another job and start mid-April, that would mean I've only been on my current employer's plan for say 2 weeks. Would I still be able to get Cobra coverage for this plan?
A. The only requirement is you must be on the group policy at the time of termination. It doesn't matter if it was 1 day.
Not all employers are subject to COBRA regulations. If your current policy has fewer than 20 lives you won't be offered COBRA.
If eligible, COBRA will be offered to you and you'll receive the paperwork within 45 days. You'll have 60 days to elect COBRA. The premium will be your portion, the employer's portion, plus a 2% admin fee.
Not all employers are subject to COBRA regulations. If your current policy has fewer than 20 lives you won't be offered COBRA.
If eligible, COBRA will be offered to you and you'll receive the paperwork within 45 days. You'll have 60 days to elect COBRA. The premium will be your portion, the employer's portion, plus a 2% admin fee.
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