ObamaCare created “risk corridors” to spread the risk of taking on the uninsured between insurers and taxpayers. The profitable insurers pay in each year, the unprofitable one’s take money out, the government puts a little money in the pot, and everyone except the GOP is happy. Essentially risk corridors work like this: Risk corridors keep the price of… Read More
Under ObamaCare the best plan is generally a Silver plan with an HSA, for low income it’s Medicaid / CHIP, and for Seniors at least Medicare A & B. There is a bit more to it, but if we only had one sentence to convey a blanket answer that would be it. If we get one… Read More
People of all income levels, news sources, insurers, and providers have expressed frustration over rising health premiums and deductibles going into 2016.
How IRA’s and HSAs work with the ACA Before-tax and tax deductible contributions (like to a traditional IRA) lower MAGI and increase subsidies. After-tax contributions lower MAGI on withdrawal (like the Roth IRA). HSA’s are tax free in and tax free out, which make them especially cool. This is generally true for ObamaCare’s tax credits… Read More
Get the latest 1095-A information from the Treasury department and IRS released on April 3rd, 2015. Those who filed won’t be penalized, but can amend.
Tax credits are based on annual household income, not monthly income. If projected annual income changes you can adjust cost assistance to avoid repayment. Quick Facts on Cost Assistance and Changes to Income There are three important things to understand about cost assistance and changes to income: Marketplace cost assistance is based on projected annual household income,… Read More
The Treasury department and IRS confirmed those who filed using an incorrect 1095-A will not be charged additional taxes based on the corrected forms. This applies to both the federal exchange HealthCare.Gov and the state exchanges. UPDATE: 2019: While this page was written in 2015 and applies first and foremost to the 2014 plan year, the information… Read More
We explain how to file your taxes if you got an incorrect 1095-A, didn’t get a 1095-A, or didn’t get an Electronic Confirmation Number.
The CBO announced ObamaCare’s new cost of $1,207 trillion net in it’s March 2015 report which includes Updated Estimates of the Insurance Coverage Provisions of the Affordable Care Act.
The wrong 1095-A forms went out to about 800,000. This form is used to adjust cost assistance on taxes. The wrong forms had correct subsidy amounts, but wrong calculations.
If you are running out of time to enroll in a Marketplace plan for 2015, follow the steps below to ensure you get covered.
Get the facts on low cost health insurance, how Medicaid and Marketplace subsidies can lower your costs, and how to get affordable coverage. Getting low cost health insurance is a little more complicated than just finding the right broker, picking the lowest premium plan, or general cost sharing amounts. It’s about understanding what cost assistance you… Read More
I got laid off during the middle of 2014. It was rather easy to apply for and get Obamacare. I got the Silver Plan and my 2 kids were covered under Child Health Plus. Even re-enrolling in November 2014 went well. Then on December 31, 2014 we get a letter stating that my children’s coverage… Read More
Find out how to fill out Form 8965, Health Coverage Exemptions, the form for reporting ObamaCare Exemptions. We provide a simplified breakdown of form 8965. Due to changes in the tax structure under Trump there will be no federal fee for not having health coverage in most states for 2019 forward, thus exemptions won’t be… Read More
The 1095 forms are filed by the marketplace (1095-A), other insurers (1095-B), or by your employer (1095-C). We have simple instructions for the 1095 forms. Keep in mind the 1095 forms are filed by whoever provided you coverage, so individuals won’t have to fill them out themselves. TIP: This page has been updated for 2022 (although on-page… Read More
My husband and I have not been helped but hurt and our details are below. But before I get into our details want to say that middle income people who do not qualify for subsidies, especially those who do not have health coverage via an employer (e.g. self employed or those who work for employers… Read More
Cost-sharing in health insurance is your share of costs (copays, coinsurance, deductible, out-of-pocket maximum) for covered benefits in a policy period. Typically cost-sharing does not apply to Premiums, uncovered costs, or balance billing. TIP: In simple terms, cost-sharing describes your share of the costs vs. your insurer’s share of the cost in respect to your… Read More
Your health plan’s Summary of Benefits and Coverage (SBC) is a summary of what your plan covers in terms of benefits and cost sharing, and explanations of how everything works. We suggest opening up a Summary of Benefits and Coverage sheet as you follow along. The Summary of Benefits and Coverage PDF can be found… Read More
The Forms Needed if You Got Marketplace Tax Credits Under the Affordable Care Act (ObamaCare) Find out how to fill out Premium Tax Credit Form 8962, the form for reporting ObamaCare Tax Credits. We’ll review MAGI, FPL, and Adjusting credits. The form can seem daunting at first, but by understanding what all the fields mean,… Read More
Get health insurance quotes and find out if you qualify for cost assistance from CMS approved brokers and on HealthCare.Gov. Below we will discuss the best ways to get health insurance quotes (HINT: Start at ObamaCare’s Health Insurance Marketplace sometimes called “the Marketplace” AKA HealthCare.Gov). We’ll also give you lots of helpful advice to help ensure you get… Read More
Having Health Insurance means you are covered in an emergency. Not getting coverage could result in big fees for those who wait until taxes are due. Obtaining and maintaining health insurance isn’t just about avoiding a fee, it’s about taking responsibility for your health, knowing you have coverage when you need it, and avoiding the devastating… Read More
What is Health Insurance Coinsurance? In health insurance, coinsurance is your share of costs of the allowed amount for a covered service after you reach your deductible. Coinsurance is different from a copay which is a fixed dollar amount for services and is not typically dependent on meeting your deductible. How does Coinsurance Work? Each service or drug that is subject… Read More
What is a Health Insurance Copay? In health insurance a copay (copayment) is a fixed amount you pay for covered services, typically when you get the service. Copays differ from coinsurance (the percentage you pay for covered services, usually after reaching your deductible). Each plan treats copays and coinsurance differently, so it’s important to understand if… Read More
What is a Health Insurance Deductible? Your health insurance deductible is the amount you have to pay out-of-pocket for covered services before your insurance begins to pay. It doesn’t include premiums or costs that aren’t covered by your plan. Once you meet your deductible, your plan will pay its share of your coinsurance. TIP: Your maximum deductible… Read More
ObamaCare’s Premium Tax Credits can be paid to your insurer in advance to lower your monthly premium on a Marketplace plan or adjusted on your tax returns. Tax Credits are based on household income and are available to folks making between 100% and 500% of the Federal Poverty Level FPL. Expanded Premium Tax Credit Cap:… Read More