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…
California’s health insurance exchange extended its deadline for consumers who want Obamacare coverage in effect beginning Jan. 1. Peter Lee, executive director of Covered California, said people who start the application process or made some “good faith effort” by Monday will have until Dec. 21 to finish signing up. Monday at midnight was the original…
By Tom Kisken, Ventura County Star, Calif. Tribune Content Agency Dec. 07–Covered California’s first deadline falls at the stroke of midnight Dec. 15. People who meet the cutoff and enroll in a health insurance plan will have coverage effective New Year’s Day. People who are already insured through Covered California but changing plans should have…
Your Annual Out-of-Pocket Maximum – The Maximum Amount You Will Pay Each Year Your annual out-of-pocket maximum is the absolute maximum amount of money you will pay for covered services during a year. One you reach your annual out-of-pocket maximum, your health insurance plan covers your medical costs at 100 percent. Your Copayment- The Cost of…
Over the next few weeks we will go over “The Basics” terms in insurance. So you will have the ability to shop and compare different options, especially when getting new health insurance. Today’s terms is Annual Deductible and Coinsurance. Your Annual Deductible – The Amount you Pay before your Coinsurance Kicks In. Your annual deductible is…