2021-09-20 - Insurance Updates

How Taxes Might Be Affected By Long Term Care Benefits

20Sep

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Long Term Care

How Taxes Might Be Affected By Long Term Care Benefits

Long term care insurance policies offer a great deal of benefits that are exempted from federal taxation and most state income taxes. Premiums paid on the policies are treated like health insurance premiums, so they qualify for federal income tax deductions. However, there are limits based on age. The federal government's tax deductible limits are based on total annual premiums paid and the age of the policyholder. For people age 40 and under, the maximum annual deduction on long term care insurance is $360 for 2013. Those aged 41 through 50 have a maximum annual deduction of $680 while people from age 51 through 60 have a maximum deduction of $1,360. The deduction for people from age 61 through 70 is $3,640 while those over age 70 have a current maximum deduction of $4,550. The tax-...

General Overview of the Medical Billing and Coding Process

Medical billing and coding is the part of the administrative side of the health care system that deals with and manages the medical care revenue cycle.It is the process that makes sure health insurance claims for services rendered to insured patients are reimbursed by the insurance companies.Medical billing and coding is an important part of the health care industry because of the popularity of using health cards to obtain and pay for medical care services. Without the people taking care of the revenue cycle at the administrative offices of hospitals and clinics, the physicians will have a hard time asking for reimbursements or payments from insurance companies and it will have a negative impact on health care services.To further explain the tasks performed by the medical billers and coder...

A Brief Guide To Understanding Medigap Insurance

For those individuals who are not familiar with "Medigap" insurance, this is a Medicare supplement insurance offered by private carriers. This insurance helps individuals cover some of the health care costs that Medicare does not such as co-insurance, co-payments, and deductibles. On an important side note and to avoid any confusion, Medicare supplement and Medigap supplement are the same thing, so it is important to understand this when you first start researching the issue. What To Be Aware Of: There are a number of things to be aware of if you are already considering the purchase of a Medigap insurance including the following: • Even if you have health problems, you can renew your Medigap policy so as long as you pay your premiums on time, you cannot be cancelled. • Individu...