Posts Tagged ‘Reimbursements’

Question by Neil: How do I handle reimbursements on my self-employed tax return?
I am an independent contractor who works for a client who pays for my health insurance. I pay for the health insurance myself, and they reimburse me each month for the expense (since they can’t list me on their insurance plan).

The problem arises in how to handle this on my taxes. If I count the reimbursement as income and then list the health insurance premiums under “Self-employed health insurance deduction” (form 1040, line 29), then the expense comes off the 1040, but not the Schedule C, resulting in my paying 15% self-employment tax on the amount.

On the other hand, I could list it in the Schedule C under “Office Expense” or “Other Expense.” But I’m not sure if that’s right.

by Speaker Pelosi

Get on top of the latest HCPCS codes to maximize reimbursements

Acronym for Healthcare Common Procedure Coding System, HCPCS was developed by Centers for Medicare and Medicaid Services (CMS) as a way to standardize identification of medical services, supplies and equipment.

Commonly known as hick-picks, these HCPCS codes have two levels – Level I and Level II. Level I HCPCS codes comprise Current Procedural Terminology (CPT) codes, which are a numerical coding system maintained by the American Medical Association (AMA).

Level II HCPCS codes consist of a single letter followed by four numbers instead of the standard 5 number CPT code. These codes came into being because Medicare and other insurers cover a variety of services, supplies and equipment that are not identified by CPT codes such as ambulance services.

Optometry Coding: Update Your Knowledge and Get the Reimbursements

Optometrists describe durable medical equipment (DME) coding and billing as one of the most complex duties they perform. For you, optometry coding for refractive lenses can make it even more complex – with the multitude of options available to patients combined with Medicare’s strict coverage guidelines. You have to understand what Medicare pays for.

Medicare only pays for refractive lenses for patients who lack the organic lens of the eye due to surgical removal. Medicare covers one complete pair of glasses or contact lenses after each cataract surgery with insertion of an artificial intraocular lens.

Most DME Medicare Administrative Contractors (DME MACs) specify that your claim for refractive lenses must be linked to one of these ICD-9 codes to prove medical necessity:

• 379.31 – Aphakia
• 743.35 – Congenital Aphakia
• V43.1 – Organ or tissue replaced by other means (lens)

Nevada doctors turn away Medicare patients
LAS VEGAS (AP) — A looming decrease in Medicare reimbursements could cause a shortage of Nevada doctors willing to serve federally insured senior citizens.
Read more on Reno Gazette-Journal