Having health insurance in an important thing. Being stuck without any insurance to protect yourself can make things difficult. You may have to come up with a large sum of money all at once because you had a big medical emergency and didn’t know how to take care of it without insurance. Insurance can keep you safe and will ensure that you are getting the best care possible.
When you are considering setting up a new insurance plan, there are a lot of things to remember. Many companies offer this service and thanks to the Affordable Care Act, you can sign up for insurance online through the marketplace. It is a requirement, unless you meet certain exceptions, to have health insurance now, so getting signed up can even save you a lot of money. If you need some help getting the health insurance set up for your family, make sure to contact a tax professional in your area who can explain the benefits and help you to learn the best kind of insurance for you.
Prepare for the Unexpected
It is important that you have health insurance to cover yourself and your family. There are times when you are going to have an accident, get sick, or have something else happen and you will have to spend a lot of time in the doctor. This can get expensive, especially if you have to pay for it all out of pocket.
Many people assume that they do not need insurance. They assume that they will be healthy and fine for a long time to come and they aren’t worried about an accident or other issues causing them a lot of medical bills. But having medical insurance can make all of the difference. It ensures that you are going to be able to get through that tough time without having to drain out your bank account in the process and can protect you no matter what comes up in the future in terms of your overall health.
Avoid Penalties
It is now a requirement in the United States to have health insurance. Whether you choose to go with a plan that is available through your work or you are getting one on your own, it is important to get the right plan. Without this plan, you are going to have to pay some penalties at the end of the year, and these could make life difficult on you.
When it comes to your insurance plan, you need to make sure that you have full coverage. It is not enough to just have a little bit; the IRS will expect to see full coverage on you from the moment you sign up and you are expected to have this coverage throughout the whole year. This means you will need to start out with having not only medical covered on your plan, but also dental and vision insurance as well. Emergency visits, medication, pregnancy care and much more needs to be present on your insurance or you could still get a partial fee.
The fees are going to vary each year. The amount is going to go up each year based on the rate of inflation and you will have to pay per each person in your home who does not have insurance. If you have coverage on the children and none on yourself, you will just pay the penalty for yourself. In addition, if you were covered for most of the year, but then lost your job and didn’t have insurance for a few months, you will only get a penalty for the part of the year where you didn’t have insurance.
Make sure to keep good records of the amount of insurance that you had. At the end of the year, your company is going to send you this information so that will help as well. You can bring this into your tax professional when it is time to get that tax return done. They will work with you to fill in this information and reduce or get rid of the amount that you owe in fees and penalties at the end of the year.
Get Lower Premiums
The Affordable Care Act was put into place to help those who couldn’t afford insurance to still be able to get that insurance. In addition, those who had pre-existing health issues would be able to get the insurance without being denied or having to pay really high premiums. The costs are offset by the government who will ensure that everyone is able to get insurance that is affordable to them. Whether you are looking for something that is simple and covers the basics or you want a plan that covers it all, including dental and vision insurance, there are plans to fit your needs.
Figuring out the health care laws can make everyone a bit uneasy. There are a lot of things to consider and just because you have an insurance plan does not mean you are going to be set with the right one for your needs. Instead of stumbling around and hoping to come up with what you need, consider finding a tax professional in your area to get the job done right and to even see how your health insurance could affect your tax return this year. Contact us to get started.
Joseph J. Gormley CPA