Skimping on your Health Plan may be a poor financial decision

According to chief financial analyst, Greg McBride,

“It doesn’t make sense to go without health insurance. A healthy 30-year-old could break their leg tomorrow.”

Under Affordable Care Act guidelines, Americans without health insurance may face a tax penalty.

The flip side is, you may also qualify for subsidies that bring down the price of a health plan.

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How to “reconcile“ your 2015 Marketplace premium tax credit

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”

Employer Tax Penalties

Employers Who Reimburse Their Workers for Health Care Costs Will Face Massive Tax Penalties Starting July 1, 2015

Many small companies provide coverage by directly reimbursing medical costs or for the cost of private individual insurance.  Businesses do it because it is less complicated process than dealing with an official group health plan, but continuing to do so after July will cost them $100 a day fine.

The penalties will only affect businesses with less than 50 employees. Those with more than 50 employees are already required to offer a group health insurance plan.

 Employers cannot give money to an employee to purchase health insurance. Employers cannot pay for individual health insurance.