!BabyDo
I was always wanting to know, even tho i will not be elligable to do so, but if im being generious and want to in my own will to give the indpendant contractor health coverage, will this also be a tax deduction for me or tax write off?
Thank you:
Answer
If you have a business and if you have a group health insurance policy, it is probably not practical to add an independent contractor to the policy because your insurance company will not allow it. - If you pay the premiums on the independent contractor's health insurance policy, it could result in a deduction for you as a business expense, but it would be taxable compensation to the independent contractor. - It might be simpler to just pay the I.C. enough to buy his own insurance. Self employed independent contractors can't write off the cost of health insurance for themselves on a Schedule C (The form that is used to report profit and loss from a sole proprietorship business) - but they can write off 100% of the premiums as an adjustment to income on the first page of form 1040. - This is not quite as good as being able to take the deduction on a Schedule C, because the net income shown on Schedule C is subject to social security tax as well as income tax.
If you have a business and if you have a group health insurance policy, it is probably not practical to add an independent contractor to the policy because your insurance company will not allow it. - If you pay the premiums on the independent contractor's health insurance policy, it could result in a deduction for you as a business expense, but it would be taxable compensation to the independent contractor. - It might be simpler to just pay the I.C. enough to buy his own insurance. Self employed independent contractors can't write off the cost of health insurance for themselves on a Schedule C (The form that is used to report profit and loss from a sole proprietorship business) - but they can write off 100% of the premiums as an adjustment to income on the first page of form 1040. - This is not quite as good as being able to take the deduction on a Schedule C, because the net income shown on Schedule C is subject to social security tax as well as income tax.
can your child have independent health and medicaid at the same time?
rebecca
I and my child had medicaid when i was pregnant and they told me when she was born that it would be good for a year after. Her father took out insurance for her independent health. can she have both at the same time?
Answer
yes, contact your policy holder to set it up, so there will be no conflicts to delay payments or reimbursement.
yes, contact your policy holder to set it up, so there will be no conflicts to delay payments or reimbursement.
where is the best place to get an independent health insur policy?
constantwo
i need insur but it isn't offered at work...
Answer
You need a trusted adviser to help you through the process so that you understand what you are purchasing. Some suggest going on line to get a quote but there is so much more to the decision than price.
You need to determine how much you will participate in sharing the cost of your health care. This will determine the cost of your health insurance.
If you choose a plan that covers everything i.e. doctors office visits, prescription drugs, preventative health benefits, maternity coverage, low deductibles and low copays your monthly premiums will be significant.
On the other hand if you are young and healthy and rarely use the health care system you can choose a plan that covers the major health catastrophe your premiums will be relatively low.
Check with the agent that writes your home or auto insurance he/she can provide you a health insurance proposal that takes into account your budget and health situation. If they don't handle health insurance they could refer you to a trusted colleague.
If you want to use the Internet use it to educate yourself but use an agent to purchase the coverage.
You need a trusted adviser to help you through the process so that you understand what you are purchasing. Some suggest going on line to get a quote but there is so much more to the decision than price.
You need to determine how much you will participate in sharing the cost of your health care. This will determine the cost of your health insurance.
If you choose a plan that covers everything i.e. doctors office visits, prescription drugs, preventative health benefits, maternity coverage, low deductibles and low copays your monthly premiums will be significant.
On the other hand if you are young and healthy and rarely use the health care system you can choose a plan that covers the major health catastrophe your premiums will be relatively low.
Check with the agent that writes your home or auto insurance he/she can provide you a health insurance proposal that takes into account your budget and health situation. If they don't handle health insurance they could refer you to a trusted colleague.
If you want to use the Internet use it to educate yourself but use an agent to purchase the coverage.
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