If you are young, healthy, and have not visited the doctor more than twice a year, you may be interested in changing your old health insurance plan to a high deductible health plan (HDHP). An HDHP is a better choice for you because it offers lower monthly premiums in exchange for a higher deductible. A HDHP is often paired with a health savings account (HSA) that allows you and/or your employer to contribute tax deductibles, which you can later use to pay for your medical expenses, tax free! Before you consider switching plans, it is important to remember the purpose of  health insurance. Health insurance is a way to cover you financially in the event of something that would require a high cost, not a way to cut costs that might occasionally come up within a given year. So, is an HDHP the best insurance plan for you? Yes, if you are under 50 years old, in good health, and have no serious ...

NEWS ON THE HILL SHARE 09 March 2017 House Introduces Legislation to Repeal and Replace ACA BY WYATT STEWART Earlier this week, Republicans in the U.S. House of Representatives introduced two pieces of legislation that would begin the process of repealing and replacing the Affordable Care Act (ACA). The Committee on Ways and Means reported one of the pieces of legislation last night. The other is pending in the Energy and Commerce Committee. Both are expected to be combined into the “American Health Care Act” before they make their way to the House floor. The legislation is expected to move through Congress using the budget reconciliation process, which only requires 51 votes in the U.S. Senate to pass legislation instead of the 60 votes it takes to end debate. Note that Congress is unable to repeal and replace the entire ACA using the reconciliation process. The Trump Administra ...

According to Bernard Health, there are several vital changes in regards to ACA (Affordable Care Act) Information Reporting for the 2016 tax year.  The 1095-C reporting processes will be different this year than they were last year and we want you to be prepared. As the next set of deadlines approaches, we want to make sure you are aware of the new changes so you are ready to file on time. Last year, there was a high level of leniency that allowed employers to file 2 months after the initial deadline. This next year will not have an extended deadline and will require diligence to ensure that the form is filed on time. However, there are more changes than just a new strict deadline. The changes include: Transition Relief:  There will not be transition relief this year, as the transition relief that was offered last year is officially ending. For the tax year of 2015, “Qualifying Offer Tra ...

The individual shared responsibility provision of the Affordable Care Act (ACA) requires you, your spouse, and your dependents to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file your tax return. Many people already have minimum essential coverage and do not need to do anything more than maintain that coverage and report their coverage when they file their tax returns. This chart explains how the Affordable Care Act affects you: IF YOU… THEN YOU… Are a U.S. citizen or are a non-U.S. citizen living in the United States Must have qualifying health care coverage, qualify for a health coverage exemption, or make a payment when you file your tax return Have health coverage through an employer or under a government program such as Medicare, Medicaid and coverage for veterans for the entire year Just have to ch ...