Don’t Be Surprised by a Tax Penalty for Your 2015 Taxes

Healthcare Reform Tax PenaltiesThe end of the year is just around the corner, so that means that tax time is coming up, too.

As you prepare your accounts for the end of the year, keep your health insurance needs and spending in mind. If you were able to file for 2014 taxes without penalty, don’t assume that your 2016 taxes will be the same. Many consumers were surprised last year when they were subject to a large penalty for not having health insurance.

The penalty was designed to prod consumers to purchase from the Healthcare Reform Marketplace. However, there was some confusion over what that penalty would be on the part of the consumers. The $95 minimum penalty was taken as gospel.

“People would hear the $95, quit listening, and make an assumption that was what their penalty was going to be,” said Chuck Lovelace of Liberty Tax Service in a Washington Times article last year.

If you were surprised by a penalty for your 2014 taxes, don’t be shocked next year. The penalty is based on household income and not a flat rate. According to TurboTax, the average penalty in 2014 was $301 and is set to rise higher in this next year.

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New To Health Insurance? Here’s What You Need To Know!

Extended family in living roomWith the Affordable Care Act more people than ever before are able to gain access to health insurance, many for the first time.

Choosing a health plan can be complicated and especially more so if you haven’t had insurance in a while. Changes to the healthcare marketplace have opened up options for consumers like you, but it can also be a little overwhelming.

Not to worry! By understanding the broad strokes of health insurance coverage and becoming familiar with common terms, you can cut through the confusion.

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Three Tips To Remember When Looking For A Health Insurance Provider

dr-and-patientsIf you are in the position of having to choose a new health insurance provider, you may have trouble knowing where to start.

The healthcare marketplace has changed, and consumers now have more options in the type of coverage available to them. It’s easy to feel overwhelmed by all the different terms and phrases used in connection with health insurance, and the best way to proceed is to take it one step at a time.

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