The IRS recently released the 2016 inflation adjusted amounts for health savings accounts (HSAs). You are eligible to contribute to an HSA if you are covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements. 2016 Annual HSA Contribution Limitation The maximum contribution to a health savings account (HSA) for 2016 is: 2016 HSA contribution limit (employer + employee) Individual: $3,350 Family: $6,750 2016 High Deductible
CareFirst Data Breach
Did You Enroll in CareFirst’s Online Policyholder Services Before June 20, 2014? If you answered YES, then you are among the approximately 1.1 million victims of the latest incidence of cyberattack on a health insurance company. CareFirst announced today that cyberattackers gained limited, unauthorized access to a customer database on June 19, 2014. We are working closely with CareFirst to understand the full implications of the breach. Here’s what we
Congrats Graduates!
Graduations mark a transition into the “real world” for many young adults. And part of being in the “real world” is having health insurance! If you are entering the working world, you may be eligible for health insurance through your employer. But if you don’t get a job right away, you still need health insurance (it’s the law!) and you have a few options: 1 – Remain on Your Parent’s
Cost of Long-Term Care
Will you have enough funds to pay for long-term care, should you ever need it? Do you have a sense of how much it would cost to, say, live in an assisted living facility? Or nursing home? Or to hire someone to help you with basic needs at home? Understanding these expenses — and projecting what they may be in the future — is important when planning ahead for the
The Doctor Will See You Now — Online
The Push towards Telemedicine How many times have you been bothered by a cough, rash, fever, or other minor medical problem, but can’t easily get to your regular doctor? Imagine being able to be seen by a doctor without leaving your home or office. Or having access to medical care when you’re traveling. Telemedicine may be the answer. Most major health insurance carriers are making a big push towards including
Small Business Group Health Insurance – SHOP or not?
Are you a small business owner (employing less than 50 FTE)? Do you offer health insurance to your employees? Have you heard of SHOP — the Small Business Health Options Program — and is it right for your business? Group Health Insurance Although small business owners are not required by law to provide health insurance, doing so is a great way to attract and retain the best and brightest talent
Special Enrollment Period for the Uninsured During Tax Season
Most Americans must have health insurance. It’s the law. But as the 2014 tax filing season gets underway, you may be caught off guard by an extra tax of $95 or more due with your 2014 tax return. That’s because if you went for three consecutive months or more during 2014 without health insurance, you will be hit with a penalty tax (unless you are exempt). Here is the amount
5 Tax Tips on Health Insurance for the Self-Employed
Are you self-employed or thinking of becoming self-employed? The Affordable Care Act has made health insurance available to anyone — regardless of current medical status. This means you can purchase coverage for yourself and/or your family on the individual health insurance market — even if you have a pre-existing medical condition. But did you know today’s tax code can save you money if you’re self-employed and you buy health insurance?
Corrected Tax Form 1095-A
If you bought health insurance in 2014 through the federal health insurance marketplace (aka, healthcare.gov) AND you collected a subsidy from the government to help you pay for your coverage, then you should have received a tax form 1095-A in the mail during late January or early February, 2015. IRS Form 1095-A – Health Insurance Marketplace Statement — is new for the 2014 tax season, and provides details of how
Buying 2015 Health Insurance Outside of Open Enrollment
Open enrollment for 2015 health insurance has ended. It ran from November 15, 2014 through February 15, 2015. Outside those dates, you must have a qualifying event in order to be eligible to purchase Affordable Care Act-compliant coverage which is effective in 2015. NOTE: Anthem has extended its deadline to purchase off-exchange 2015 coverage until February 28. Click here for more info. Examples of Qualifying Events Change in marital status
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