FAQ[are there supposed to be answers to all of the questions below?]

Can the self-employed deduct the cost of their health insurance premiums?

Yes! Thanks to recent changes in tax law, the self-employed can deduct the cost of their health insurance premiums from their federal taxable income (not to exceed the amount of their actual income – in other words, you can't use your health insurance premiums to show a loss for your business). This puts the self-employed on equal footing with big business, which has long been able to count health insurance premiums as a business expense.

Frequently-Asked Questions on Health Insurance
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There are many questions that individuals have regarding health insurance. This is because the insurance purchasing process involves many people, from the customer and the agent to the underwriter and insurance company. For the average individual, it is easy to become baffled by the process, but learning about the process, and educating yourself, gives you much more purchasing power.

Overview of health insurance

  • What is the major difference between group and individual insurance?
  • What are the various ways that individuals receive health insurance protection?
  • What are the advantages of group insurance over individual insurance?
  • What types of group protection do most employers provide?
  • How can a labor union provide group insurance?

The health insurance marketplace

  • What is an HMO?
  • What is a PPO?
  • Can an employer work directly with an insurance company?
  • What is a risk?

Factors influencing plan design

  • Who is an eligible employee?
  • Will an insurance carrier deny certain employees coverage under a group health insurance plan?

Legal factors affecting design

  • Are employers required by federal law to purchase group insurance for their employees?
  • What is a mandate benefit?
  • What are the minimum and maximum number of employees allowed by state law to participate in a group health insurance plan?

Types of Health Insurance Plans and Related Benefits

  • What is a base plus plan?
  • What are the advantages to a base plus plan?
  • What is a comprehensive plan and what are its advantages?
  • What kinds of hospital outpatient expenses are covered?
  • What types of services are generally covered by a group health insurance plan?

Deductibles, Copayments and Reimbursements

  • What is a deductible?
  • For insured employees with dependent coverage, does the deductible for each person have to be satisfied before reimbursement begins?
  • What is coinsurance?
  • What is a covered expense and are there limits?

Dental, vision and prescription drug plans

  • Do health insurance plans cover dental care?
  • What is direct reimbursement for dental care?
  • Are all types of dental services covered by insurance?
  • How is vision care covered?
  • Are all prescription drugs covered under health care plans?
  • Are there different types of drug plans?

 

 

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Freedom Medical Insurance Group
Direct: (407) 264-7877,
E-Fax: 815-572-8748

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