Which of the following medical expenses are likely deductible assuming the 7.5%-of-AGIthreshold is met?Botox injections for wrinkles: $5,000Treatment for a broken toe: $5,000($5,000 reimbursed by insurance)Doctor-prescribed knee brace: $1,500Child-care while in the hospital for doctor-ordered knee surgery: $350Deductible-Yes or No?

The objective of the question is to determine which of the given medical expenses are likely…

Answered: Which of the following medical expenses…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 18MCQ

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Similar questions

A patient's total surgery charges are $1,278. The patient must pay the annual deductible of $1,000, and the policy states a 80-20 coinsurance. What does the patient owe? Explain
A patient's total surgery charges are $1,278. The patient must pay the annual deductible of $1,000, and the policy states a 80-20 coinsurance. What does the patient owe?
You have health insurance coverage that pays 75% of out-of-hospital expenses after a $400 deductible. You incurred doctor and prescription medication expenses of $1090. What amount will the insurance company pay?
A patient's insurance policy states: Annual deductible: $300.00 Coinsurance: 70-30 This year the patient has made payments totaling $533 to all providers. Today the patient has an office visit (fee: $80). The patient presents a credit card for payment of today's bit. What is the amount that the patient should pay?
A patient is admitted for appendectomy. His Health insurance will cover up to Php 24,000. His entire hospital bill totals up to Php 36,000. Considering that he has a deductible of Php 500 and a 5% co-insurance, what is the patient's total out-of-pocket expense?
Dotty, age 40, incurred and paid for the following items this year: Doctor visits for allergy treatments $4,300 Eyeglasses 300 Medical insurance premiums 2,700 She received insurance reimbursements of $3,000 and her AGI was $20,000. What is her maximum allowable medical expense deduction for the current year? (For this problem, medical expenses in excess of 10% of AGI are deductible) O $7,300 O $4,300 O $2,300 O $2,000 ****
You were in an accident that required surgery and five days of recovery in the hospital. Your total hospital bill reached $100,000. At the time of your accident you had previously paid nothing in health care costs for the year. Your health insurance has a deductible of $750 per year, a coinsurance rate for hospitalization of 10%, and an individual out-of-pocket maximum payment of $3000 for the year. How much must you pay out-of-pocket for your care in this situation?
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C.J Watson of Clemson, SC, recently had a surgery. His total bill for the surgery, which was his only health care expense for the year, came to $12,890. His health insurance plan has a $500 annual deductible and an 80/20 coinsurance provision (meaning CJ will only pay 20% of the costs). The coinsurance cap for CJ is $2,000. How much of the bill will CJ pay?
Check my work Ariana's health Insurance policy includes a deductible of $1,050 and a coinsurance provision requiring her to pay 20 percent of all bils. Her total bill is $8,700. What is Ariana's total cost? (Do not round intermediate calculations.) Imsured's cot
A health insurance policy pays 65 percent of physical therapy cost after a $200 deductible. In contrast, an HMO charges $15 per visit for physical therapy. How much would a person save with the HMO if they had 10 physical therapy sessions costing $50 each? please show working
Q2. While travelling to Dammam, Qassim is admitted to hospital for major car accident and need major surgery. His maximum out-of-pocket is SR15, 000. In your health insurance policy stated the following clause on coinsurance and deductible. Calendar year Deductible is equivalent to SR5, o00 and Coinsurance is 25%. The following is the charges from the treatment: Outpatient x rays and tests is SR5, o00 Ward and facility charges is SR20, o00 Surgeon's fee is SR, 10,000 Prescription drugs is SR7, 000 Therapy expenses is SR 8, 000 Plastic surgery is SR10,000 Dental is SR 5,000 Calculate how much you will get coverage from your insurance company based on the above charges. Your calculation will include: i. Deductible ii, Coinsurance Total out of pocket Total amount the insurance company will pay to you. iii. iv.

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