Exemptions from the requirement to have health insurance

Most people must have qualifying health coverage or pay a fee for the months they don’t have insurance. But if you qualify for a health coverage exemption you don’t need to have health insurance or pay the fee.

Find health coverage exemptions that may work for you
Answer a few questions to see health coverage exemptions that may apply to you. We’ll tell you how to apply for each one.FIND EXEMPTIONS
If you’re still interested in exemptions for the 2015 tax year, visit  2015 exemptions page.

3 important facts about health coverage exemptions

• Exemptions are available based on a number of circumstances, including certain hardships, some life events, health coverage or financial status, and membership in some groups.
• You claim some health coverage exemptions on your federal tax return. Others you apply for with a paper application.
• You don’t have to pay the fee for any month you have qualifying health coverage. If you’re uncovered only 1 or 2 months, you don’t have to pay the fee for any month.

 Source: Healthcare.gov

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(858)247-1680

Newly Married Couples Should Report Marriage to Marketplace

If you’re recently married, you probably have a list of things to do.  There’s one other thing you should add to that list: a health insurance review. This is particularly important if you enrolled in coverage through a Health Insurance Marketplace and you receive premium assistance in the form of advance payments of the premium tax credit.

When you apply for assistance to help pay the premiums for health coverage through the Marketplace, the Marketplace will estimate the amount of the premium tax credit that you may be able to claim for the tax year using the information you provide. This information includes details about your family composition and your projected household income.
It is important for you to report life changes – known as changes in circumstances – to your Marketplace to get the proper type and amount of financial assistance and to avoid getting too much or too little in advance. Reporting changes in circumstances will allow the Marketplace to adjust your advance credit payments. This adjustment will help you avoid getting a smaller refund or owing money that you did not expect to owe on your federal tax return.
To report changes and to adjust the amount of your advance payments of the premium tax credit you must contact your Health Insurance Marketplace. Be sure to report all changes directly to that Marketplace because they can affect both your coverage and your final credit when you file your federal tax return.
Other changes you should report to the Marketplace include:

• Birth or adoption
• Marriage or divorce
• Moving to a different address
• Increases or decreases in your household income

These changes may also open the door for the Marketplace special enrollment period that permits health care plan changes. In most cases, the special enrollment period for Marketplace coverage is open for 60 days from the date of the life event.
The Premium Tax Credit Change Estimator can help you estimate how your premium tax credit will change if your income or family size changes during the year. This estimator tool does not report changes in circumstances to your Marketplace. Because these tools provide only an estimate, you should not rely on them as an accurate calculation of the information you will report on your tax return. You should use these estimators only as a guide to assist you in making decisions regarding your tax situation.

Source: Internal Revenue Service

contact@officetaxservices.com

(858)247-1680

Do you need help with your healthcare evaluation process?

The Affordable Care Act (ACA) requires most Americans to have some form of health insurance by 2014 or face a tax penalty. It also may provide you and your family with a generous subsidy to purchase health insurance.
 
The law is complex and the impact is far-reaching, but you don’t have to figure it out on your own. We can help. Not only will we help you comply with the law, but we will ensure you receive the most benefits allowed under the law. How? Through our Healthcare Evaluation process, we will:
• Estimate your eligibility for the premium assistance credit
• Estimate the amount of your premium assistance credit
• Show you how the ACA might affect your tax future
• Make sure you avoid any tax penalties
• Explain the cost-sharing provisions of the ACA, which may reduce your out-of-pocket costs

Let us help make sense of the new healthcare mandate.

contact@officetaxservices.com

(858)247-1680

Do you need help with your healthcare evaluation process?

The Affordable Care Act (ACA) requires most Americans to have some form of health insurance by 2014 or face a tax penalty. It also may provide you and your family with a generous subsidy to purchase health insurance.
 
The law is complex and the impact is far-reaching, but you don’t have to figure it out on your own. We can help. Not only will we help you comply with the law, but we will ensure you receive the most benefits allowed under the law. How? Through our Healthcare Evaluation process, we will:
• Estimate your eligibility for the premium assistance credit
• Estimate the amount of your premium assistance credit
• Show you how the ACA might affect your tax future
• Make sure you avoid any tax penalties
• Explain the cost-sharing provisions of the ACA, which may reduce your out-of-pocket costs

Let us help make sense of the new healthcare mandate.

contact@officetaxservices.com

(858)247-1680

Premium Tax Credit - Checkup 2016

If you or anyone in your family are getting advance payments of the premium tax credit, it’s that time of year for a checkup to see if you need to adjust your premium assistance. Since the advance payments are paid directly to your insurance company and lower the out-of-pocket cost for your health insurance premiums, changes in your income or family size may affect your credit.  You should report changes that have occurred since the time that you signed up for your health insurance plan.


Changes in circumstances that you should report to your Marketplace when they happen include:

• Increases or decreases in your household income including, lump sum payments; for example, lump sum payment of Social Security benefits
• Marriage
• Divorce
• Birth or adoption of a child
• Other changes affecting the composition of your tax family
• Gaining or losing eligibility for government sponsored or employer sponsored health care coverage
• Moving to a different address

Reporting the changes when they happen will help you avoid getting too much or too little advance payment of the premium tax credit.  Getting too much means you may owe additional money or get a smaller refund when you file your taxes. Getting too little could mean missing out on premium assistance to lower what you pay out-of-pocket for your monthly premiums.

Changes in circumstances also may qualify you for a special enrollment period to change or get insurance through the Marketplace. In most cases, if you qualify for the special enrollment period, you generally have 60 days to enroll following the change in circumstances. You can find Information about special enrollment at HealthCare.gov.

The Premium Tax Credit Change Estimator can help you estimate how your premium tax credit will change if your income or family size changes during the year. This estimator tool does not report changes in circumstances to your Marketplace. To report changes and to adjust the amount of your advance payments of the premium tax credit you must contact your Health Insurance Marketplace.

from IRS source.

contact@officetaxservices.com

(858)247-1680