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If an employer pays your health insurance is it taxable?

If your employer pays for your health insurance under a group insurance plan, you will often see the amount listed on your pay stub, but the payments are not taxable income. Other methods of employee health insurance coverage can be subject to income tax. The rules are complex, and the Internal Revenue Service offers extensive […]

How do you provide proof of health insurance?

You may have stayed in compliance and good health when it comes to maintaining health insurance, but the process of letting the IRS see the proof is mandatory in some cases. Tax time is what the IRS has set aside as the time to make sure everyone has maintained proper amounts of health insurance, or […]

What is a Cadillac medical plan?

Some health plans provide unusually thorough and complete coverage. They often have no deductibles, charge few if any copays, and ask little or no coinsurance. The benefits are extensive and coverage for nearly every condition or illness. These so-called high-end, or Cadillac plans, reward policyholders with benefits equivalent to $thousands in additional income. As untaxed […]

How will the IRS know if I have health insurance?

The Affordable Care Act (ACA) was enacted in an effort to reform health care. One important aspect of the ACA was the individual mandate. This requires all Americans to be covered under a qualifying health insurance plan; otherwise, they are subject to a penalty. The IRS is the collecting agency for the penalty, and you’re […]

Is not having health insurance against the law?

By the letter of the law, not having insurance will not subject you to criminal prosecution. However, the Affordable Care Act did bring into effect the individual shared responsibility provision requiring qualifying taxpayers to pay a tax penalty. By 2014, the penalty averaged $210, and in 2015 the penalty was up to an average exceeding […]

Is healthcare a business expense?

Health insurance is a deductible expense for organizations and sole proprietors. It is a business expense for most firms and business entities that either pay or contribute to employee health plans. The Affordable Care Act reformed the insurance industry. People would no longer get denials for pre-existing conditions. The insurance rates were much more consistent […]

Is your health insurance tax deductible?

The growing focus on healthcare costs has many wondering how much of the money being spent on premiums, copay, deductibles and medical expenses can be used as a tax deduction. There are a few specifics to keep in mind, but every individual and family will subject to different circumstances. You should always consult with a […]

What if you don’t have health insurance?

The Affordable Care Act has the individual mandate that requires every eligible person to get qualified health insurance coverage. Those that do not get covered must pay a penalty tax for each month without insurance. With no health insurance, one must pay medical bills either when due or under the agreed terms. This can be […]

When does the penalty for not having health insurance take effect?

Under current law regarding health insurance, people without “minimum essential coverage” or an appropriate exemption may be required to pay the penalty known as the “shared responsibility payment.” This article discusses when the penalty comes into play and provides a couple of examples to show how it works. Enter your zip above and compare rates […]

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