You may be eligible for a subsidy to help you afford health insurance in 2017 if your total household income falls within certain limits. The income cutoffs are tied to the Federal Poverty Level and are adjusted each year. The 2017 figures are in the chart below. To use the chart: Locate the number of people in your household (# of people on your federal tax return) along the top
Health Insurance Subsidy and Your 2014 Tax Return (IRS Letter 5591)
Did you receive a subsidy to help you pay for health insurance in 2014? Have you filed your 2014 federal income tax return? If you collected a subsidy in 2014, but did not file a 2014 tax return — Form 1040 with Form 8962 — you cannot get a subsidy in 2016. The IRS communicated this in IRS Letter 5591 this summer, and you may also soon hear from your
Am I Eligible for a Health Insurance Subsidy in 2016?
Eligibility for a subsidy on your health insurance is determined based upon your household income level and the number of people in your household. The income levels are tied to the Federal Poverty Level and are adjusted each year. For 2016 coverage, here are the income limits: Subsidy Eligibility for 2016 Health Insurance Source: Federal Poverty Level Guidelines Virginia Medical Plans Can Help We can tell you if you will
Supreme Court Upholds Subsidies in King v. Burwell Ruling
In a 6-3 ruling in the landmark King v. Burwell case, the Supreme Court has voted to uphold subsidies for millions of Americans who purchased health insurance on the federal marketplace. Chief Justice Roberts’ key sentence in the majority opinion sums up the foundation of the Court’s reasoning: “Congress passed the Affordable Care Act to improve health insurance markets, not to destroy them.” This is very good news for Virginia
What Happens if My Actual Income Qualifies Me for Medicaid But I Bought Health Insurance on the Exchange?
If you purchased health insurance on the exchange and collected a subsidy (in the form of a tax credit) to help pay for coverage, or benefited from other cost-sharing reductions, you were able to do so because of the income you reported when you purchased your plan. But if you are like many Americans, the income you anticipated and reported to the exchange may differ from the income you actually
King v. Burwell — What Will Happen?
It’s the middle of June. And while that may have you dreaming of flip flops, sunglasses, and summer, here at Virginia Medical Plans (and in the circles we travel), all eyes are on the King v. Burwell case. By the end of this month we should know whether or not the Supreme Court of the United States (SCOTUS) will strike down subsidies on the federal health insurance exchange based on
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?
Tax Filing with the Affordable Care Act
With January behind us, it’s time to start thinking about filing your 2014 income taxes. By now, you should have received most, if not all, of your tax forms and notices from your employer(s), banks, mortgage company, financial institutions, etc. — and, if you bought health insurance on the exchange — the Marketplace. As we posted several weeks ago, the upcoming tax season promises to be complicated for those who
King v. Burwell — Will the Supreme Court Do Away with Subsidies?
If you live in Virginia, an upcoming Supreme Court decision may have you wondering if your health insurance subsidy is in jeopardy. Last year several lawsuits were brought against the government challenging the authority of the IRS to distribute health insurance subsidies to people who buy their coverage on the federal exchange (aka healthcare.gov). The issue was whether or not the language in the Affordable Care Act — which refers
How Will the Affordable Care Act Affect my Taxes?
Have you started thinking about filing your 2014 taxes? April 15 may be a few months away, but this year — the first year the Affordable Care Act (ACA) is in effect — filing taxes will be more complicated for millions of Americans. That’s because certain provisions of the new law — namely, penalties and subsidies — will be reconciled at tax time. If you got health insurance through your
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