115
votes
Accepted
How can I get a job without pushing my family's income into a higher tax bracket?
The tax return of a dependent does not flow to the parents return. Earned income is taxed at your own rate, up to $12,000 tax free. for your own standard deduction, but unearned income is taxed at ...
92
votes
Accepted
Ballpark salary equivalent today of "healthcare benefits" in the US?
As a contractor, I have done this exact calculation many times so I can compare full time employment offers when they come. The answer varies greatly depending on your situation, but here's how to ...
- 47.2k
90
votes
How can I get a job without pushing my family's income into a higher tax bracket?
To be clear, this has nothing to do with tax brackets. (There's a longstanding belief that getting into a higher income bracket will increase taxes on all your income, when that bracket just applies ...
- 4,343
30
votes
Do I have to pay a medical bill when the ER never submitted it for an insurance claim?
Waiting two years is weird. However it's possible that this whole thing got a 15-month "pause" because of the pandemic, and that would make the timing more plausible.
Regardless, do not let ...
26
votes
Do I have to pay a medical bill when the ER never submitted it for an insurance claim?
In addition to Harper's answer, if the insurance company also gives you the runaround, here are some reasonable next steps:
Write down everything. Focus on the facts; don't editorialize or write your ...
- 506
24
votes
Do birth defects in children count as pre-existing conditions?
No. Since 2014, the concept of pre-existing conditions affecting coverage or rates no longer exists in the US:
Under current law, health insurance companies can’t refuse to cover you or charge you ...
- 47.2k
23
votes
How can I get a job without pushing my family's income into a higher tax bracket?
I feel like it's worth talking about the "tax bracket" part of this question, as it's a common misconception.
Let's suppose we're dealing with a simple tax system with two brackets: 20% up to $100,...
- 531
21
votes
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Minimizing medical costs with HSA
There's an annual contribution limit, for 2019 it is $3,500 single/$7,000 family. Otherwise, it's fine to match future contributions to prior or planned qualifying expenses so long as the account was ...
- 69.1k
20
votes
Accepted
Is it worth saving HSA funds until retirement?
Yes, absolutely.
The HSA, when used for medical expenses, allows you to essentially pay for your medical expenses tax free. Even if you don't have extra room in your budget, you can fund the HSA as ...
- 115k
19
votes
Accepted
Can you just cancel a health insurance plan and buy a new one at any time?
In the United States you only have two ways to switch insurance:
during an annual open season
in the period around a qualifying life event.
This is to force people to maintain their level of ...
- 136k
18
votes
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What is the rationale behind an FSA being "Use it or Lose it"?
The FSA, in contrast to the HSA, is not an "account" that you put money in. FSA stands for "Flexible Spending Arrangement," not "Account." Technically, it is a defined-benefit plan. Here is the ...
- 115k
15
votes
Switching health insurance due to birth of baby
Just some rule of thumb advice, I wouldn't do this if the plan is switched on the day of birth. My prayers are such that mom and baby are fine, but you won't know until a few weeks after the baby is ...
- 76.1k
14
votes
Is it worth saving HSA funds until retirement?
Is it worth saving HSA funds until retirement?
Yes
Are there pros and cons from a tax perspective?
Mostly pros.
This has all of the benefits of an IRA, but if you use it for medical expenses ...
- 32.7k
14
votes
Do birth defects in children count as pre-existing conditions?
From Wikipedia:
In the context of healthcare in the United States, a pre-existing
condition is a medical condition that started before a person's health
benefits went into effect.
So in your ...
- 131k
13
votes
Accepted
Can I pay myself back later in the year if my HSA doesn't have adequate funds earlier in the year to pay for an expense?
Can I pay myself back later in the year if my HSA doesn't have
adequate funds earlier in the year to pay for an expense?
Yes. You can request a distribution for any qualified medical expenses that ...
- 69.1k
13
votes
Does an HSA have to be used exclusively for medical expenses
I just want to point out that your question implies a misunderstanding, even though you didn't explicitly mention it:
I had an HSA last year. This year I have health insurance through ACA.
The ...
- 47.2k
12
votes
Does an HSA have to be used exclusively for medical expenses
If you want the tax benefits of the funds, yes, they must be used for qualified medical expenses as defined by the IRS.
You can withdraw funds whenever you want, for any reason, but if they are not ...
- 664
11
votes
Ambulance Fees and Insurance
You need to understand why it was not covered. It's possible there's an error in the billing. This could be something as simple as a missing tax id number. Earlier this year claims codes changed ...
- 49k
11
votes
Accepted
From a customer standpoint, does it make any financial difference to go to a non-profit hospital or a for-profit hospital?
I wonder the following: from a customer standpoint, does it make any
financial difference to go to a non-profit hospital or a for-profit
hospital?
The number one concern is "is the hospital in-...
- 136k
10
votes
Accepted
What is the benefit of a private healthcare insurance in the UK?
Health Insurance/Private Medical Insurance in the UK is a luxury not a requirement
The NHS in the UK is funded through National Insurance and general taxation that is taken from pay at source (...
- 831
10
votes
Does an HSA have to be used exclusively for medical expenses
Yes, it must be for a qualified medical expense.
Qualified medical expenses are those expenses that generally would qualify for the medical and dental expenses deduction. These are
explained in ...
- 2,113
9
votes
Accepted
How to determine how much to keep in a health savings account
There are few different things to consider:
Deductible : Since you have an HSA you are probably on a High Deductible insurance plan. Take a look at your HSA balance and divide by your max out of ...
- 7,615
9
votes
Accepted
For medical charges, how much does insurance company pay?
Because of some of the terms you used in your question I am assuming a US focused question.
When you go to an in-network doctor, all the rates have been negotiated. That $157.64 reflects that. They ...
- 136k
8
votes
Accepted
Got charged ridiculous amount for doctor's walk in visit. What are my options?
You should start by calling the clinic and asking them to tell you how the visit was coded. Some clinics have different billing codes based on the complexity of the visit. If you have one thing you ...
- 47.2k
8
votes
Got charged ridiculous amount for doctor's walk in visit. What are my options?
Some doctors will give folks who are not covered by insurance a price break. If that describes you, you could ask.
But if you didn't discuss the price in advance, that isn't the doctor's fault, any ...
- 43k
7
votes
Accepted
Medical bill in collections
I am sorry for your troubles. Presumably, you are feeling better which is the best possible outcome. You project that you are an honest person and desire to seek a fair outcome although you were ...
- 76.1k
7
votes
Ballpark salary equivalent today of "healthcare benefits" in the US?
As others have said, it depends entirely on what benefits are provided, and how much of the cost of those benefits is paid by the employer and how much is paid by the employee, and compare that to ...
- 71
7
votes
Do I have to pay a Health Care Tax Penalty for my F-1 spouse?
According to the IRS (look at the 11th question on this page) a nonresident alien is not covered by the individual mandate. If your wife has been in the country for less than 5 years on the F-1 visa, ...
- 32.7k
7
votes
Medical expenses tax deductions - billed vs. paid
The expense occurs when you pay it, so the expense would be deductable for the year of that January. (Source: working with a tax accountant last year when I was in a similar situation. Disclaimer: I ...
- 350
7
votes
Does COBRA make sense anymore with the ACA?
What effect will not paying COBRA for April and not signing up for an ACA marketplace plan (thereby going uncovered for one month) have?
None. Your new employer coverage will begin May 1; and ...
- 49k
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