What taxes apply to the benefits under an individual Disability Income Policy on which the insured has paid the premiums?

No tax; Benefits received from an individual Disability Income Policy are not subject to taxation.

under what business-related plans are benefits taxable as income to the owner

Business Overhead Expense Since the premium is deductible, the benefits received are taxable.

The 'Appeal Rights' required by the Affordable Care Act apply to:

The ability to appeal is the ability to appeal a judgment regarding the applicability of benefits to a specific situation. It is similar to the ability to appeal benefit denials in an HMO

Michelle's corporation chose a high-deductible health plan (HDHP) because it:

All such plans cover preventative costs, and HDHPs are not needed to establish an FSA. As for MSAs, they specifically for small business and the self-employed. HSAs are the only plan that meet the criteria of the question.

What is the difference between a Health Reimbursement Account (HRAs) and a Health Savings Account (HSA)?

HRAs are owned by the employer, and are not portable when an employee leaves. There is no limit on employer contributions, and non-qualified cash disbursement are not allowed.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

L&H14

Question	Answer
What taxes apply to the benefits under an individual Disability Income Policy on which the insured has paid the premiums?	No tax; Benefits received from an individual Disability Income Policy are not subject to taxation.
under what business-related plans are benefits taxable as income to the owner	Business Overhead Expense Since the premium is deductible, the benefits received are taxable.
The 'Appeal Rights' required by the Affordable Care Act apply to:	The ability to appeal is the ability to appeal a judgment regarding the applicability of benefits to a specific situation. It is similar to the ability to appeal benefit denials in an HMO
Michelle's corporation chose a high-deductible health plan (HDHP) because it:	All such plans cover preventative costs, and HDHPs are not needed to establish an FSA. As for MSAs, they specifically for small business and the self-employed. HSAs are the only plan that meet the criteria of the question.
Is the Pay out of Key Person Disability a taxable event	nope!
What is the difference between a Health Reimbursement Account (HRAs) and a Health Savings Account (HSA)?	HRAs are owned by the employer, and are not portable when an employee leaves. There is no limit on employer contributions, and non-qualified cash disbursement are not allowed.

Created by: rachel krystopowicz

"Know" box contains:
Time elapsed:
Retries: