This morning I spent a few hours doing some tax training for County of San Bernardino to discuss Affordable Care Act, Covered California, and IRS. I got to share some of my knowledge with County officials, Certified Enrollment Counselors, and Community Partners.
Yesterday, I attended an event by Covered California where some top officials flew in from Sacramento to have a discussion about Covered California and current updates, concerns, tips for the last month of open enrollment. It really bothered me when they mention there was over 700 registered agents in the area that was notified about…
Yes, if you got premium tax credits for 2014, you have to file a federal tax return. Even if you have never filed before, starting in 2014 if you got tax credits you have to file a tax return. Your premium tax credits are based on the income you report to the IRS. When you applied for health insurance through…
Lots of people may not realize they got premium tax credits. If you applied when you enrolled, you don’t actually “get” the tax credit every month. The IRS pays your premium tax credit directly to your health insurance plan. Your monthly premium costs are lower as a result. The only way to get premium tax credits is to buy from Covered…
It’s hard to believe that the tax return filing season is just a couple of weeks away. While some of our clients are unable to complete their return until later in the year, others are ready to “get it done” as soon as possible. Regardless of which group you find yourself in, it’s very important…
Employer-provided health benefits are changing in America, especially for small businesses. Group healthcare costs continue to rise. Annual premiums for group policies have increased over 180 percent in the last 15 years, with the average coverage cost per family expected to reach $20,000 by 2016. As such, many employers have stopped providing group healthcare policies…
HSAs can be used to lower your MAGI and qualify for better cost assistance on the Health Insurance Marketplace, this makes high deductible Silver plans very attractive. We highly recommend using a Health Savings Account (HSA) if your plan has an annual deductible of more than $1,300 for self-only coverage or $2,600 for family coverage. Health Savings…
Christmas is just a few days away and I know all of us are running around with a million things to do before Christmas. However, if you recently got insurance through Covered California you need to remember to call your insurance company and make your first payment before, December 26th. If you want your coverage to begin…
Frequent readers are familiar with the fact that many analysts believe health-care reform will drive businesses to drop medical benefits for their employees. The argument is that it will be a better financial deal for staff to acquire insurance on the Marketplace than for the employer to continue to pay for coverage. This is because…
Every day I hear small business owners, entrepreneurs, and free-lancers ask, “are health insurance premiums tax deductible?” The rules about when health insurance premiums are tax deductible can be confusing. Whether you are an individual, self-employed worker, or small business owner, here is a simple breakdown about when health insurance premiums are tax deductible. As…