Why Think About Taxes and Health Insurance Now? | How to Insurance | 040
Hi, I’m Peter!
Welcome to HOW TO INSURANCE
Helping YOU understand insurance,
building CONFIDENCE for your future!
Today, we are talking about...
Why Think About Taxes and Health Insurance Now?
Why would I think about taxes in the middle of the year?
(In the Summer, really!?!)
If you don’t think about it… you may have to pay back hundreds or thousands of dollars in taxes next year!
I have received calls from clients who have a HUGE tax bill and it could have been avoided by doing this one thing!
Wait.
What do taxes and health insurance have in to do with each other?
If you have enrolled in health insurance through a state exchange (like WA Health Plan Finder or Covered California) than your taxes and health insurance are closely related!
Chances are you are receiving some help from the government to pay for your health care. Since it began 10 years ago, the Affordable Care Act has allowed individuals and families to get “advanced tax credits”, based on your income to help pay for your health insurance.
If you’re an individual and make between $18,000 and $75,000 a year, you are eligible for a tax subsidy for your health care!
If you’re a household of 2 or more and make over $24,000 a year, you are eligible for a tax subsidy for your health care!
When you apply for health insurance you input an estimated monthly and annual income. Then your tax subsidy is determined by the income you report.
So, if your income changes… you need to report that change with your insurance broker. When your reported income changes, then your tax subsidy changes… however, you don’t have to pay back the money in taxes next year!
If your income went up:
Report the change.
Your tax subsidy will go down
Your health premium will go up
But your 1095 tax form will reflect that
It will keep you from paying back a huge amount!
In the same way, if your income goes down… report that change and your health insurance will likely cost less each month!
Question:
Why Think About Taxes and Health Insurance Now?
Answer:
So you can avoid a big tax bill from the IRS
By doing a quick check now, you’ll thank your bank account later!
Next Steps:
Contact your Insurance Broker.
Adjust your reported income, if there has been a change.
Have confidence for your future tax return!
At Apple Insurance Solutions,
We all want to protect what matters most to us in life,
but finding the right insurance can be confusing.
So I make it simple.
As Your Insurance Broker,
All your insurance is covered in one relationship,
saving you time and
building confidence for your future.
If this was helpful to you, please:
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Contact me at peter@appleinsurancesolutions.com
Also, keep in mind, that as Your Insurance Broker,
I offer insurance for auto, home, life, health, medicare, umbrella and business… when you work with me, all your insurance needs... are in one relationship.
Thank you for reading HOW TO INSURANCE
Helping YOU understand insurance,
building CONFIDENCE for your future!
PETER D JOHNSEN
Insurance Broker | Apple Insurance Solutions
360.818.4865 OR/WA 818.620.8171 CA
Auto | Home | Life | Health | Medicare | Umbrella
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