Posts tagged insurnace

what are my federal tax liabilities for short term and long term disabilty insurnace income?

0
1 year ago
by admin in

Question: what are my federal tax liabilities for short term and long term disabilty insurnace income?
Insurance company is ING
Will my former employer include that % info on my 2007 tax form…W-2?
short term liability insurance

Best answer:

Answer by bostonianinmo
That depends upon how the policy was paid for. If it was paid for by you with tax paid dollars then the benefits are not taxable.

If your employer paid the cost, it’s taxable to you.

If you paid the cost from pre-tax dollars, it’s taxable to you.

If the payment was split between you and your employer or partly from taxed dollars and partly from untaxed dollars, the benefits are apportioned in the same matter as the policy premiums were and are taxed accordingly. For example, if you and your employer split the cost 50-50, half of the benefits are taxable and the other half are not.

Emergency Evacuation in Travel insurnace?

0
1 year ago
by admin in

Question: Emergency Evacuation in Travel insurnace?
Hi,
What is meant by “Emergency Evacuation” in terms of travel medical insurance for those who come to US from India?
Usually,the insurance coverage says that it is up to policy max in case of Emergency Evacuation.
So, if the car accident happens & if the parents are taken to nearest hospital through just ambulance, would it be considered as “Emergency Evacuation” or would it be considered under just using ambulance service?

Thanks!
(medical evacuation insurance)

Best answer:

Answer by Tom Z
Depending on the plan, Emergency Medical Evacuation insurance covers the cost of transporting a seriously injured or ill person to one of the following locations:

The nearest adequate medical facility
A hospital near home
Or the hospital of his/her choice

Emergency Medical Evacuation insurance is usually included with both Travel Medical insurance plans and Trip Protection plans. However, unlike baggage insurance and trip cancellation insurance, it is also sold separately. Sufficient Emergency Medical Evacuation coverage is recommended, especially for long-distance trips abroad.

Being transported to the nearest medical facility would be covered as an ambulance service. If the injury or illness is too severe to be treated adequately by that medical facility the emergency evacuation benefit will pay to transport your parents to another hospital.

Read the policy carefully because there is no standard wording. Each policy will define the means, definition and extent of coverage for emergency evacuation.

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