Single member LLCs are increasingly popular business structures for freelancers, consultants, and solo entrepreneurs. A key question for many single member LLC owners is whether they can deduct health insurance premiums for themselves and their families. The answer depends on several factors related to the LLC’s tax status, who the premiums cover, and what type … Read more
Medicare has different parts and options for coverage. Premium costs can vary based on the specific Medicare coverage you have. However, some people qualify to enroll in certain parts of Medicare without paying premiums. Understanding Medicare premium costs and eligibility for premium-free coverage can help you evaluate your options and budget for healthcare expenses in … Read more
Salvage and subrogation are two important concepts in the property and casualty insurance industry. They give insurers ways to recover part of the costs of claims they have paid out to policyholders. Understanding how salvage and subrogation work can provide insights into insurance company finances and operations. What is Salvage? In insurance, salvage refers to … Read more
Blue Cross Blue Shield (BCBS) health insurance plans provide coverage worldwide, though benefits vary depending on your specific plan. Most BCBS members have emergency medical coverage while traveling abroad. Some plans offer more comprehensive overseas benefits, including global networks of providers and support services. Domestic BCBS Coverage BCBS is made up of 36 independent and … Read more
The Affordable Care Act (ACA) requires employers to report the cost of health insurance coverage on employees’ W-2 forms. This reporting helps employees understand the value of their employer-provided health benefits. What is Form W-2? The W-2 is an annual tax form that employers must send to employees and the IRS at the end of … Read more
If you’ve been in a car accident and filed an insurance claim, you may have the option to get a cash settlement from your insurer rather than having them repair your vehicle. But what exactly does this mean? A cash settlement is when the insurance company pays you a lump sum of money rather than … Read more
Medicare Supplement, also known as Medigap, plans can be quite expensive depending on where you live and which company you purchase from. A lot of seniors are shocked when they start shopping for Medigap plans and see premiums of $150, $200, or even $300 per month. That can add up to thousands of dollars per … Read more
When reviewing insurance options, you may come across the terms “indemnity” and “non-indemnity” used to describe certain policies. Understanding the distinctions between these two categories is important for choosing the right types of coverage. In this article, we’ll explain the key differences between indemnity and non-indemnity insurance, provide examples of each, and discuss when these … Read more
Health savings accounts (HSAs) are a powerful savings tool and provide valuable tax benefits when paired with a high deductible health plan (HDHP). However, life circumstances may lead you to switch from an HDHP/HSA combo to a more traditional preferred provider organization (PPO) health plan. If this happens, you may be wondering – what happens … Read more
Getting into an accident while driving someone else’s car can be a stressful and confusing situation. You likely have many questions running through your mind in the moment – Is the car I’m driving insured? Will the insurance cover me even though I’m not the policyholder? What will happen if I file a claim? These … Read more