Problem 5-40 (LO. 2) Belinda spent the last 60 days of 2018 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received $5,500 of benefits under a long-term care insurance policy she purchased. Assume a per diem rate of $360. If the amount is zero, enter 0. Determine the amount of her exclusion. 143,000 X Determine the amount included in her gross income.
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- Problem 6-32 (LO 6-1) (Static) Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution and deductionSelena, a surgeon, purchases a disability policy with a base benefit of $5,000 per month and an SIS offset benefit of $1,500. Selena is now disabled and receives a $1,000 in Social Security disability benefits. How much will Selena receive from the insurance company initially? O $6,000 $5,000 $5,500 $6,500Bobbi Hilton, 62, is considering the purchase of a 77-year long-term care policy. If nursing home costs average $7 comma 3907,390 per month in her area, how much could she have to pay out-of-pocket for 77 years without long-term care insurance? What can Bobbi do to reduce the cost of this coverage? Question content area bottom Part 1 The amount Bobbi would have to pay out-of-pocket for 77 years of nursing home costs without long-term care insurance is
- LO.2 Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380. Of the $15,000, what amount may Valentino exclude from his gross income?Bobbi Hilton, 62, is considering the purchase of a 77-year long-term care policy. If nursing home costs average $7 comma 3907,390 per month in her area, how much could she have to pay out-of-pocket for 77 years without long-term care insurance? What can Bobbi do to reduce the cost of this coverage? Question content area bottom Part 1 The amount Bobbi would have to pay out-of-pocket for 77 years of nursing home costs without long-term care insurance is $620760620760. (Round to the nearest dollar.) Part 2 To lower the cost of long-term care insurance, Bobbi can: (Select all the choices that apply.) Select a longer waiting period (time between nursing home admission and payment of benefits by the insurance company.) Buy a long-term care policy as soon as possible before costs increase due to advancing age. Cover the costs of nursing home care through a combination of self-insurance (if she can afford it) and long-term care…12. Kristen has a Medigap insurance policy. She is receiving custodial care in her home that Medicare does not cover. The cost of the care is $50 per day. How much of the daily amount will her Medigap insurance pay? 0.50 Ob 525 OC 537.50 04.550
- Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an operations manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support and $400 a month in alimony to his ex-wife. Harvey is now renting an apartment, and the divorce settlement left him with about $100,000 in savings and retirement benefits. His employer provides a $75,000 life insurance policy. Harvey’s ex-wife is currently the beneficiary listed on the policy. What advice would you give to Harvey? What factors should he consider in deciding whether to buy additional life insurance at this point in his life? If he does need additional life insurance, what type of policy or policies should he buy? Use Worksheet 8.1 to help answer these questions for Harvey.9. Social Security payments to Deceased Dependants If the deceased was entitled to $1,100/per month and the widow is 67, how much would the widow be entitled to assuming the family max has not been met? Do Not use $ dollar $ signs in your answerSocial Security Disability Protection Sandra Hilton of Sisseton, South Dakota, age 60, recently was in a vehicle accident, was hospitalized, and then suffered a heart attack. She took a leave of absence from her long-time job as a data analyst for an environmental lobbying firm to recuperate. Using Appendix B answer these questions: a. If her earnings averaged $35,000, what would be her monthly Social Security disability benefit? Round your answer to the nearest dollar. $ b. If her earnings instead averaged $95,000, what would be the monthly benefit? Round your answer to the nearest dollar.
- You have a policy with a $1,000 deductible, 80/20 co-insurance, and a $7,500 maximum OOP. You become ill and are hospitalized for two days. The total cost for your treatment is $26,000. Answer the following questions. How much will you pay of the deductible? How much will you pay in co-insurance? What is the total OOP you will pay for this hospital visit? During the same policy year, you have an additional medical expense of $3,500. How much will you pay? What is your total OOP for the year-to-date? Later in the same policy year, you have a $5,000 charge for tests required after your previous hospital stay. How much will you payHealth Care Event Protection Christina Haley of Elko, Nevada, age 57, recently suffered a stroke. She was in intensive care for 3 days and was hospitalized for 10 more days. Her total bill for this care was $126,000. After being discharged from the hospital, she spent 25 days in a nursing home at a cost of $240 per day. Christina, who earns $4,500 per month, missed two months of work. Christina had a health insurance plan through her employer. The policy had a $1,000 deductible and an 80/20 coinsurance clause with a $2,000 coinsurance cap. She had also accumulated 21 sick days (equivalent to one month) at work. Otherwise she had no long-term care or disability income insurance. Round your answers to the nearest dollar. a. How much of Christina's direct medical expenses was paid by her insurance policy? $ b. What did Christina have to pay for her nursing home care? $ c. How much income did Christina lose? $Problem 5-37 (Algorithmic) (LO. 2) Matt, age 61, is an officer of Blue Company, which provides him with the following nondiscriminatory fringe benefits in 2021: • Hospitalization insurance premiums for Matt and his dependents. The cost of the coverage for Matt is $2,350 per year, and the additional cost for his dependents is $4,300 per year. The plan has a $2,000 deductible, but his employer contributed $1,500 to Matt's Health Savings Account (HSA). Matt withdrew only $700 from the HSA, and the account earned $25 of interest during the year. • Insurance premiums of $775 for salary continuation payments. Under the plan, Matt will receive his regular salary in the event he is unable to work due to illness. Matt collected $4,100 on the policy to replace lost wages while he was ill during the year. • Matt is a part-time student working on his bachelor's degree in engineering. His employer reimbursed his $3,600 tuition under a plan available to all full-time employees. For each of the…