Accident and Health Benefits refer to fringe benefits provided for accidental injury, accidental death, or sickness. These benefits typically cover payment of medical, surgical, and hospital expenses, along with income payments.
An intermediate step in calculating taxable income, AGI is the amount used for computing deductions based on, or limited by, a percentage of income, such as medical expenses, charitable contributions, and miscellaneous itemized deductions. This amount is determined by subtracting from gross income any business expenses and other deductions, such as KEOGH payments, alimony payments, and IRA contributions.
A health insurance policy providing broad coverage for an insured's medical expenses, except those explicitly excluded. This type of policy is highly advantageous for insured individuals as any non-excluded medical expenses are automatically covered.
Blue Shield is an independent, nonprofit, membership-based insurance plan that offers benefits covering expenses associated with medical and surgical procedures.
Comprehensive health insurance provides extensive coverage for hospital and physician charges, incorporating elements of both basic medical expense and major medical policies, subject to deductibles and coinsurance.
Comprehensive Liability Insurance provides businesses with coverage for negligence-based civil liability in various situations, including bodily injury, property damage, and medical expenses arising from the operation of premises, completed operations, and products.
In a tax return, applies to an expense that may be subtracted from income, and in insurance, signifies the initial amount the insured must pay before insurance reimbursement is made for a claim.
A plan under which employees may make tax-free salary-reduction contributions to a medical or dependent care reimbursement plan, or to purchase group health insurance or life insurance coverage on a pretax basis.
Group health insurance offers healthcare coverage to members of a defined group, such as employees of a business, union members, or association groups, facilitating access to a comprehensive range of medical services.
A Health Savings Account (HSA) is a type of savings account that lets individuals save for medical expenses tax-free. This account was established by the Medicare Prescription Drug, Improvement, and Modernization Act, which was signed into law by President George W. Bush on December 8, 2003.
Insurance premiums are the amounts paid to an insurance company to cover potential hazards. These payments can have tax implications and differ in deductibility based on whether they are made by businesses or individuals.
Medical care refers to amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body, including associated transportation and insurance premiums.
Medigap is a type of health insurance policy designed to cover the areas of noncoverage under Medicare, including deductibles, coinsurance, and medical expenses that exceed Medicare's approved amounts.
A qualified transfer refers to any amount paid for an individual's education or medical care that is not considered a taxable gift for gift tax purposes.
Workers' compensation income refers to the benefits provided to employees who suffer work-related injuries or illnesses, compensating for loss of income, medical expenses, and rehabilitation costs during their recovery period.
