The most recent open enrollment period for the Affordable Care Act marketplaces was unique. It was the first administered under anyone other than former President Obama, it was half as long as previous periods, and it was the last open enrollment for which the individual mandate applies.
These different circumstances may be signals of what’s to come for the ACA.
Tags: healthcare, The Tennessean, individual mandate, aca, taxes, HSA taxes
Mid-January marks the start of tax season, and health care items throughout the past year can impact how you file your taxes.
This time of year typically creates a lot of consumer confusion, and getting all the facts straight can be tricky. With the repeal of the Affordable Care Act’s individual mandate recently in the news, this topic is certain to cause particular issues this year.
Aside from the individual mandate, other health care expenses can also affect your tax return, including Health Savings Accounts and high-cost medical expenses.
If you’re trying to beat the tax time rush, here are a few tips on what you should know about these items.
Tags: healthcare, The Tennessean, individual mandate, aca, taxes, HSA taxes
Tax season has always presented opportunities for scammers to take advantage of consumer confusion. New rules around health insurance, including new tax forms, subsidies and penalty payments are making it even easier for criminals to collect personal information, which can result in identity theft.
The IRS and HealthCare.gov have both warned consumers of phishing scams this year. Here’s what consumers need to know.
Tags: taxes, identity theft, Healthcare.gov, phishing, tax scam
Many regulatory pieces of the Affordable Care Act, from subsidies to penalties and more, center around your tax return, and like the last two years, new pieces of the law are now going into effect.
Here are three things you need to know:
Tags: Affordable Care Act, health insurance, healthcare, taxes, The Tennessean, 2016
If you worked for an employer with more than 50 full-time employees in 2015, you probably received a new tax form this year. The Affordable Care Act has created some new requirements for employers and individuals, so here’s what employees need to know:
Think of the 1095-C as the healthcare W-2. Employers use the W-2 to report to the IRS their employees’ wages, as well as the amount of taxes taken out of their paychecks. Employees get a copy with important information needed for filing their tax returns.
Similarly, large employers will use the 1095-C to report to the IRS that they offered their employees affordable health insurance, which is now required through the Affordable Care Act. Employers with more than 50 full-time employees must file 1095-Cs showing whether, and for how long, the company offered health insurance to employees. Your employer has until March 31 to send you the form.
Tags: Affordable Care Act, health insurance, tax penalty, health reform, ACA tax penalty, taxes, heath insurance, 1095-c, healthcare tax
Ever since healthcare reform became law in 2010, employers have had new requirements imposed on how they offer healthcare coverage to their employees. In the early years, these requirements were generally pretty light.
Tags: healthcare, aca, tax penalty, taxes, The Tennessean
Every year, employers pull together an array of employee information in order to generate a W-2 for each employee who worked for them sometime during the year before. Employees need this W-2 in order to file their personal taxes.
Tags: healthcare, aca, taxes, The Tennessean, 1095-c
April 15 is upon us, and many Americans still need to get around to filing their taxes. It can be an overwhelming task, so much so that many put it off until the last minute. I’ve had some frustrating nights staring at a TurboTax screen myself.
Tags: health savings account, healthcare, taxes, The Tennessean
It’s tax time, and 2015 is the first year that taxpayers will pay if they did not have qualified health coverage the year before. Even taxpayers that did have coverage may have to pay the government back for subsidies they received to help pay for their insurance.
Tags: healthcare, tax penalty, taxes, The Tennessean, tax and healthcare reform
"Insure Tennessee" is what Governor Bill Haslam is calling his proposal to expand Medicaid in Tennessee. If his proposal goes into effect, it would not only have a big impact on our state's economy, but also on healthcare consumers.
Tags: healthcare, Medicaid, taxes, The Tennessean, tenncare
