When you file your federal tax return you will need to “reconcile” if you had a 2015 Marketplace health plan and used premium tax credits to lower your monthly payment.
Reconciling can affect either the amount of your refund or the amount of tax you owe.
To reconcile, you’ll compare:
Continue reading “How to “reconcile“ your 2015 Marketplace premium tax credit”
We cannot stress how important it is to pay your insurance premiums on-time.
IF YOU FAIL TO PAY YOUR PREMIUM OR DO NOT PAY THE CORRECT PREMIUM AMOUNT, YOUR COVEREAGE WILL BE CANCELED BY THE INSURANCE CARRIER.
If your coverage is canceled, you will not be able to purchase another insurance plan for the remainder of 2016. You will be responsible for all incurred medical bills AND you will still have to pay the tax penalty at the end of the year.
WORRIED ABOUT FORGETTING A PAYMENT?
Worried about forgetting a payment? We recommend you set early reminders or take advantage of the automatic bank draft option for payments.
Let us know how we can help!