Insurance (Life, Practice, Annuity)

How to Be Sure That Your Automobile Insurance Covers Both You and Your Practice Entity

Let’s say that you practice through a corporation that owns your car.  If there is an accident, you want to be sure that the corporation can get reimbursed for the property damage and that both you and the corporation are insured if you are sued.  If you are sued, the corporation will also be sued […]

Deducting Medicare Premiums

Far too many people miss this deduction.  Premiums for Part B, Part D and Medicare Supplemental (“Medigap”)  are deductible.  Just how to do it depends on whether you are still practicing or are retired — and if practicing, the type of entity you have is important. If you are retired, then you are starting out […]

2018 Will be the Most Difficult Year Yet for “On-Exchange” Individual Health Insurance

Individual insurance is sold one of two ways, either “on-exchange” or “off-exchange.”  On-exchange means that it’s sold on the government website healthcare.gov or state equivalent.  Off-exchange means it’s sold directly from the insurance company and not over a government website.  Federal subsidies are available for on-exchange plans for people with low incomes.  There are no […]

If Family Members or Employees Have Dental Insurance, How Do You Waive Their Co-Payments Without Committing Insurance Fraud?

We suspect that most doctors don’t charge the co-pay and report their full fee to the insurance company.  This is “aggressive” and is technically a violation of the contract with the insurer.  However, we have yet to hear of a case where an insurance company ever enforced this rule in the case of waived co-pays […]

Auto Insurance and New Child Drivers

The goal here is to make sure that both the parents and the child are covered — and doing it in a way that saves money. You will get better rates by keeping the vehicle titles in the parents’ names rather than in the child’s name. The insurance company will want to know who all […]

Follow-up on the Recent Tax Court Case on Captive Insurance Tax Shelters

In the September 1st Newsletter, we wrote about the Avrahami court decision and how it will likely end the sale of micro-captive insurance tax shelters to doctors and other small business owners. This threw the industry into panic mode. At least one of these companies is sending letters to its clients advising them not to […]

Insurance Coverage for Hurricane Victims (or any Weather Related Disaster)

Your property casualty policies should indemnify you for your property losses – and possibly even the loss in business revenue.  Your carrier won’t tell you, but your property policy likely comes with a business interruption (“BI”) rider that may indemnify you for lost practice income.  We say “may” because most BI insurance requires not just […]

Malpractice Insurance for the Associate

Even though an associate has her own malpractice insurance, the practice owner should notify his own malpractice carrier to inform them of the presence of the associate.  The owner’s policy should be amended so that the practice is covered for any liability that the associate may create.  Expect this to result in a modest increase […]

U.S. Tax Court Sides With the IRS in a Bruising Loss for Captive Insurance Tax Shelters

A captive is an insurance company that is wholly owned by the primary company (like a dental practice).  Its purpose is to provide insurance coverage for the related company for certain risks that cannot be obtained in the traditional insurance markets.  Under Section 831(b) of the U.S. tax code, premiums paid to a captive insurance […]

HSAs Can Make Tax-Free Reimbursements for Medicare Part B and Part D Insurance Premiums

This is true whether or not you have enrolled in Social Security and the Medicare premiums are being withheld from your Social Security benefit checks.  You can also use your HSA to reimburse yourself for the premiums paid for the Part D prescription drug benefit, Medicare Advantage and long-term care insurance premiums. We like to […]