What Is a Monthly Deductible?
In these plans, usually any money you spend toward medically-necessary care counts toward your health insurance deductible as long as it’s a covered benefit of your health plan and you followed your health plan’s rules regarding referrals, prior authorization, and using an in-network provider if required.
What happens to the coinsurance after the deductible is met?
After the deductible has been met, you pay only the coinsurance amount; your health plan pays the rest. Examples of plans like this include what you might think of as a “typical” health insurance plan, with copays for office visits and prescriptions, but a deductible that applies to larger expenses such as hospitalizations or surgeries.
Are there any business expenses that are not deductible?
Expenses are not prohibited from deduction under the Income Tax Act. Non-deductible business expenses are activities you or your employees pay for that do not fulfil the conditions above.
