Insurance Flashcards
Replacement cost vs actual cash value
For exam home and business buildings (make sure you back out land cost before calculation)
use replacement cost
your contents or items uses ACV which factors in depreciation
Personal auto policy (on the declaration page)
All my fault 100/400/50 per injured person, per occurrence, property damage (others)
Bed medical bed
Careless - uninsured motorist liability
Damage- collision and other than collison (OTC contact with bird deer
Business owners policy
Property contents and liability protection. Professional liability excluded. Premium is deductible to business so benefits are taxable.
Professional liability
If a claim is paid out it isn’t taxable to the business owner but the deduct it.
Workers comp
Deductible to business. Absolute liability. Benefits to employee are tax free.
FICA
1.45 Medicare no cap
6.2 into social security capped at 168,600
Medicare hospital stay
First 60 days 1632 deductible
Next 30 days 816 deductible
Medicare skilled care
No deductible first 1-20 days
21-100 $224 daily deductible
100 and after all on the patient
Ex. 304 a day facility
1-20 patient pays 0 Medicare pays everything
21-100 patient pays 204 per day Medicare pays 100
100+ Medicare pays 0 patient pays it all
Part b exclusions
Dental care and dentures
Exams for eyeglasses and hearing aids
Most immunizations (covers one flu shot per year)
Prescription drugs
Medicare part b
Large group plan exception can sign up for part b within 8 months without penalty.
7 months otherwise without penalty when you hit 65
No more HSA contributions once you apply for Medicare part A
Medicaid
5 year look back
699,999 of equity in home without it hurting you
2k in countable assets
Business o redhead expense insurance
Sole prop is lenses are deductible proceeds are taxable
Corporations premiums are not deductible and proceeds are tax free
FSA health and dependent care
Health 3200 dependent care 5000
Voluntary employees beneficiary association
No deferred compensation
Key employee insurance
The owner of the company buys the policy can’t deduct the premium but the benefit is tax free
