Recently a fellow health insurance broker and I had a discussion about health insurance premiums and how they are increasing at a rate that will doom the industry in just a few years. We lamented about rising deductibles and ever increasing costs and smaller physician networks. We even ventured into the realm of taxation and how higher income earners will certainly be asked to carry a larger burden in the future. Our howling about how bad things have gotten and how they were better in the old days, ok, just a decade ago, led us to a simple question about the deductibility of health insurance premiums and whether individuals and families could write off their health insurance premiums from their taxes. Since we both had different opinions and we've both been selling health insurance for more than 10 years it is clear that clients need clarification and answers on this important subject. Remember, I'm not a tax preparer or accountant, so these are general rules and you'll need to investigate whether they apply to your situation. Consult your own tax advisor.
We've hit January and the time has come for many of us to turn our attention to a subject we often dread, taxes. This tax season many of us will face new filing requirements or even receive new forms in order to remain in good standing with the government. In this post we'll quickly summarize the items you'll need to look and that you'll encounter as we head toward April 15th.
You may have missed the deadline to sign up for health insurance coverage that will begin 1/1/2015, but all is not lost. There still may be an opportunity for you to add coverage in the next few days as there are special circumstances that will permit you to buy coverage if you meet several criteria. We wanted to highlight a few key "secrets" we've seen this year that you need to know that may help you get coverage or at least avoid trouble in 2015.