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Anita Said:

Insurance Agency Tax Help 1120S?

We Answered:

Insurance companies file 1120L (life insurance) or 1120PC (property casualty) not 1120S.

Constance Said:

How can my employer take the funds from my 401K and put into a medical insurance premium?

We Answered:

Few issues here:

1. An employer is not required to offer a 401(k).

2. An employer is not required to offer health insurance.

3. An employer cannot take designated 401(k) contributions and buy health insurance or ANYTHING with those funds. The IRS and Dept of Labor have strict rules on this, including tax deductability for the 401(k) contribution for the employer.

Let me put this in consumer terms:
If you have a house, you can write off the interest on the mortgage. You would not be able to say, "we'll I don't want to write off the interest on my house since I don't have one, I want to write off the interest on my credit cards." You just can't do that. The same logic applies to what you are asking the employer to do with designated 401(k) funds.

An employer cannot make exceptions for one or a few employees.

It it not "dangerous" to not have a 401(k). It would be a serious IRS and ERISA violation to do what you are asking. The employer could face legal issues from the IRS and DOL (Dept of Labor). The DOL governs ERISA - The Employee & Retirement Security Act of 1974.

If an employer offered health insurance to you, and is not currently offering health insurance, the employer would have to comply with laws and regulation so that all employees could be eligible under that program.

Again there are very strict tax, legal and compliance rules that are being asked here and I don't think you or maybe the employer understands the complexity of such compliance.

You may want to explore finding another job or part time job with another company that has an existing health insurance plan available.

ERISA overview
http://www.dol.gov/compliance/laws/comp-…

ERISA (regarding company health plans)
http://www.dol.gov/dol/topic/health-plan…

DOL Compliance Assistance
http://www.dol.gov/compliance/

Grace Said:

Can I pay my health insurance premium with funds from my HSA?

We Answered:

No. You have to pay the premiums with after-tax dollars. However, because your deductible is high, your premiums are low. In addition, by paying your deductible out of your HSA account, your health-care dollar goes 50% further. That’s because your HSA dollars are sheltered from withholding taxes of 35% in federal income tax, and 7.65% in Federal Insurance Contributions Act (FICA) tax, and 9.3% in state income tax (California). For example, you would have to earn $200 in after-tax dollars to pay a $100 prescription drug deductible. That same deductible could cost only $100 from an HSA account.

To find a qualified plan in your area, contact a health insurance broker. A broker works with several health insurers and can help figure out the best plan, company, rates and coverage. To find a broker, log on to a website like http://www.healthinsurancewiz.com and fill out a form requesting a free quote. Your information will be sent to a broker in your area who will contact you.

Gene Said:

Insurance company makes paying for premium difficult?

We Answered:

Escalate the matter to the highest level. Make sure you either write or email (and copy your lawyer) in order that there is a record of your communication. You will find that most verbal calls to action are usually ignored or met with unfulfilled verbal promises.
You may also seek an alternate way to make your payments if your company does not seem to get it. The grief you are going through is not worth it just to make a payment.

Good luck.

Leslie Said:

I had chosen to allocate my ICICI Pru insurance premium into the Maximiser Fund. Is this an Open-ended Fund?

We Answered:

they are open ended funds; however subscription is only through buying an insurance; not direct investment.
i am icici prudential insurance advisor
i can be contacted karpaka@gmail.com

Seth Said:

Which of the following statements is NOT true of deposit insurance?

We Answered:

a

Kirk Said:

What is automatic premium loan provision in insurance? And in which section of insurance act it is written?

We Answered:

APL ( Automatic Premium Loan )is a provision of life insurance, permanent policy, which constitute that if an insurance policy has already enough fund for the cash value and the policy holder is not able to pay his premium the tendency of the APL is to effect in order that the policy would not lapse and will still be in force though payment of premium has not been made. This will last until the cash value is exhausted.

This provision can be found in the Non Forfeiture Option ( NFO ) of the policy contract.