Tag Archives: Health care reform

Open Enrollment

Just a quick reminder that anyone without health insurance during 2017 can get stuck with a pretty heft penalty. This year it’s 2.5% of your household income (or $695 per adult, whichever is higher). In order to avoid next year’s penalty, make sure that you have a health plan set up before the end of […]

Individual Mandate Penalty / Open Enrollment

Anyone without health insurance during 2014 is probably already familiar with the 1% of income penalty assessed for not having insurance. What you might not know is that the penalty increases in 2015 and 2016, when it becomes 2% and 2.5%, respectively. In order to avoid next year’s penalty, make sure that you have a […]

Health Savings Accounts

Health savings accounts can be a useful tax savings tool. They were first created around 10 or 12 years ago. Essentially they allow individuals to set money aside to pay for doctor co-pays, prescriptions, dental visits, eyeglasses, and other medical expenses tax-free. In order to qualify, you must have health insurance that qualifies as “high […]

Health Insurance Reimbursement Plans

Before the new health care law, small businesses were allowed to offer health insurance reimbursement plans, in which the company could give each employee a certain amount of money (pre-tax) that the employees could use to purchase insurance on their own. The IRS has recently clarified that these kinds of arrangements are no longer permitted. […]

2013 tax increases

As part of the new health care law, there are some interesting tax changes going into effect next year. Here are a few: Currently it’s possible to deduct medical expenses that are above 7.5% of your gross income for the year. So if you made $50,000 and spent $5,000 in medical expenses for the year, […]