Assuming that you can itemize deductions because the sum total of all of your itemized deductions, including the $3,000 charitable contribution, exceeds the standard deduction for your tax filing status (e.g., single, married filing jointly), there will be a tax benefit to making this contribution. To determine the savings on your federal income tax, multiply the amount of your charitable donation by your marginal tax bracket. For a list of federal income tax rates by filing status and income, see …
How much does an extension cost a home buyer when pushing back a house closing date?
It depends. Key factors will be the cause of the delay, changes in interest rates during the time of the delay, and the terms and conditions of your mortgage approval process and the contract with the seller to buy the house. Check with your real estate attorney and/or mortgage lender for an answer based on the specifics of your situation. Increased interest rates, possible rent payments (to the seller), and/or penalties may apply.
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How are health insurance and car insurance similar and different?
Car (automobile) insurance is similar to health insurance in a very important way: both types of policies provide protection against financial losses.
Automobile and health insurance both help policyholders cover large costs that could financially devastate the individual or the family, like those experienced in unexpected car accidents or major medical procedures such as surgery, chemotherapy, expensive tests, or hospital stays.
Health insurance generally provides a wider range of benefits than car insurance. Car insurance, for example, will not pay …
Affordable Care Act
The Patient Protection and Affordable Care Act of 2010 is bringing about numerous reforms to U.S. health care. We’ve assembled publications, guides and fact sheets from reliable sources to help you improve your understanding of the Act.
The Patient Protection and Affordable Care Act is commonly called the Affordable Care Act (ACA). The ACA is also referred to as “Obamacare” since it was signed into law by President Obama.
Among the reforms included in the Affordable Care Act are additional …
Why is there a Health Insurance Marketplace?
The Patient Protection and Affordable Care Act mandates that each state must have an online health insurance “marketplace” or “exchange” to make comparing health insurance and purchasing a policy easier for you. This is not the only way to enroll. More information about getting help by phone or in person is available in the FAQ “Is there ayone who can help me determine my best health insurance option?”
The Health Insurance Marketplace will be open October 1, …
Are all pre-existing conditions allowed?
Yes, all pre-existing conditions are allowed and can no longer be used to bar an individual from obtaining health insurance coverage. This provision of health care reform and guarantee of coverage went into effect for children in 2010 and will apply to adults in 2014. Premiums will not be allowed to use pre-existing conditions as a factor for establishing rates.
The cost of coverage can be adjusted using only these four factors:
1) whether the policy covers an individual or …
What is the difference between bronze, silver, gold and platinum plans?
In order to be included in the Health Insurance Marketplace, each insurance company can offer four different types of “qualified” health insurance plans– Bronze, Silver, Gold, and Platinum.
A Bronze Plan will cover 60% of health care costs with the consumer responsible for paying 40%. For Silver plans insurance companies pay 70% of costs and the consumer pays 30%. For Gold Plans, the split is 80%-20% and for Platinum the split is 90%-10%. In general, the more the company …
Can grandchildren being taken care of by grandparents be on our insurance until age 26 and what if we go on Medicare?
Grandparent
If you are the legal guardian or foster parent, your grandchildren can be added to a healthcare plan you purchase on your own through your employer until they reach the age of 26. If you are not the legal guardian, they will not be covered in your individual or employer plans and you will have to look at other options.
Medicare is and will remain as individual health insurance only for those 65 and over. If you are on …
Where can I find a copy of the most updated version of the Affordable Care Act?
The Patient Protection and Affordable Care Act, signed into law on March 23, 2010, was amended on March 30, 2010 by the Health Care and Education Reconciliation Act. Affordable Care Act (ACA) refers to the final version of the law.
Click “Read the Law” and check out the information and links at http://www.healthcare.gov/law/.
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What is the difference between a premium, a co-pay and and out-of-pocket expense?
Health Insurance Plan costs can be broken into two categories: cost of having the plan and costs of using the plan. In order to purchase and continue to have health insurance coverage, you have to pay a premium. The premium is paid on a regular basis such as a certain amount monthly, quarterly or yearly. It is typical that when purchased through your employer, the plan premium is deducted from each paycheck. Basically, the premium buys you the health …