Health Insurance

Making sure you and your family stay healthy is a priority, but health problems and injuries can be extremely unpredictable. That’s why it’s important to have the right coverage when you need it.

In January, 2014 the Affordable Care Act (also known as Obamacare) changed the face of health insurance. It introduced mechanisms like mandates, tax penalties, subsidies, and insurance exchanges.

Sorting through all the information and options can get overwhelming and the consequences of not selecting the right plan, as well as reporting the correct documentation, can result in financial losses.

Facts You Should Know About The Affordable Care Act

  • The law requires insurance companies to cover all applicants within new minimum standards and offer the same rates regardless of pre-existing conditions or sex.
  • You get free preventive care, like vaccines, screenings, and check-ups, even before you meet your deductible.
  • Unwed children up to age 26 can be covered on their parents policy.
  • The tax penalty increases every year. For 2015, the tax penalty for NOT having minimum coverage is figured one of 2 ways. You’ll pay whichever of these is bigger:
    • 2% of your income
    • $325 per person in your household
  • Many individual are eligible for a subsidy to help cover their premiums. This can be anywhere from a few dollars to several hundred dollars saved every month.
  • There is an annual election period in which you can enroll. We can also see if you qualify for a special election period to enroll now.

Meet Our In-house Benefits Accountant

Your personal finances and income play a large part in what you can qualify for. If they are reported incorrectly, it can result in huge adjustments when you file your taxes, costing you hundreds – even thousands – of dollars.

We have been able to solve many unique problems for our clients. One of our licensed agents has 30+ years of benefits and tax experience. Through his experience, we have been able to save our clients from financial burdens. In one case, even saving a client over $9,000 with a simple solution that even the client’s tax accountant had missed!