It’s Time for a Health Insurance Review

This week’s tip of the week ~ it’s time for a Health Insurance Review.  This is especially important if you are enrolled in health insurance through the Health Insurance Marketplace and if you’ve had a recent change in your family dynamics such as a marriage or a child. A change in your family composition may affect your premium tax credit.   

 


It’s Time for a Health Insurance Review
If you have health insurance coverage through the Health Insurance Marketplace or Exchange, when you applied for assistance to help pay the health care premiums (through the Health Insurance Marketplace) the Marketplace estimated the amount of the premium tax credit that you would be able to claim for the tax year.

And if that information has changed since your enrollment, there might be a change in your premium tax credit that may affect your taxes when it's time to file. 

 
When life changes/events happen, it may be important for you to report them to your Marketplace/Exchange to get the appropriate type and amount of financial assistance (premium tax credit).  The Marketplace/Exchange may be able to adjust your advance credit payments.
 
This adjustment will help you avoid getting a smaller refund or owing money that you did not anticipate to owe on your federal tax return.
 
Life changes may affect both your coverage and your final premium tax credit when you file your tax return.  Here are some of the most common reasons to contact and update your insurance:
 
• Birth or adoption
• Marriage or divorce
• Moving to a different address
• Increases or decreases in your household income
 
When these life changes happen – many companies allow for changes to your plan during a special period (different from open enrollment) due to the life event – it may allow you 60 days from the date of the life event to make the necessary changes.
 
At FL-Accounting & Advisers, Your Boutique Accounting Company, we are here to assist you with your accounting needs including personal and small business tax returns, bookkeeping and financial consulting.  Our staff is able to provide you services in English and Spanish.  Contact us for your complementary consultation - we are here to help. 

Wendy Ettorre