What’s new in Medicare for 2016 https://t.co/YjXmvfh6jL
— Neil Primack (@NeilPrimack) January 5, 2016
Florida Health Insurance Broker – Your South Florida Medicare Supplement, Advantage Plan & Medigap Coverage Expert!
Florida Health Insurance Broker
Florida Health Insurance & Medicare Supplement Experts
By Neil Primack
What’s new in Medicare for 2016 https://t.co/YjXmvfh6jL
— Neil Primack (@NeilPrimack) January 5, 2016
By Neil Primack
Humana predicts 2016 losses in individual market via drumup.io https://t.co/WP1njR64WC
— Neil Primack (@NeilPrimack) January 12, 2016
By Neil Primack
CMS to tighten rules for special enrollment periods https://t.co/nKhbi3mGrK
— Neil Primack (@NeilPrimack) January 13, 2016
By Neil Primack
Health insurers could face fines starting Jan. 1 for mistakes in provider directories https://t.co/3xonIkbLl1
— Neil Primack (@NeilPrimack) December 31, 2015
By Neil Primack
Budget deal eases bump in Medicare premiums https://t.co/JmKFkbqCBZ
— Neil Primack (@NeilPrimack) November 5, 2015
By Neil Primack
When you apply for coverage in the Health Insurance Marketplace, the Marketplace will estimate the amount of the premium tax credit that you may be able to claim for the tax year, using information you provide about your family composition and projected household income. Based upon that estimate, you can decide if you want to have all, some, or none of your estimated credit paid in advance directly to your insurance company to be applied to your monthly premiums.
If you choose to have all or some of your credit paid in advance, you will be required to reconcile on your income tax return the amount of advance payments that the government sent on your behalf with the premium tax credit that you may claim based on your actual household income and family size.
If you do not opt for advance credit payments or the Marketplace determines that you were not eligible for advance payments at the time of enrollment, you may be eligible to claim the credit when you file your tax return for the year, which will either lower the amount of taxes owed on that return or increase your refund.
Learn more about the Health Insurance Premium Tax Credit at: www.healthcare.gov
By Neil Primack
The actual premium tax credit for the year will differ from the advance credit amount estimated by the Marketplace if your family size and household income as estimated at the time of enrollment are different from the family size and household income you report on your return. The more your family size or household income differs from the Marketplace estimates used to compute your advance credit payments, the more significant the difference will be between your advance credit payments and your actual credit. If your actual allowable credit on your return is less than your advance credit payments, the difference, subject to certain caps, will be subtracted from your refund or added to your balance due. If your actual allowable credit is more than your advance credit payments, the difference will be added to your refund or subtracted from your balance due.
Notifying the Marketplace about changes in circumstances will allow the Marketplace to update the information used to determine your expected amount of the premium tax credit and adjust your advance payment amount. This adjustment will decrease the likelihood of a significant difference between your advance credit payments and your actual premium tax credit.
In general, individuals and families whose household income for the year is between 100 percent and 400 percent of the federal poverty line for their family size may be eligible for the premium tax credit. An individual who meets these income requirements must also meet the other eligibility criteria described in question 5. Thus, if you have household income between 100 percent and 400 percent of the federal poverty line, but are eligible for coverage through your state’s Medicaid program (for example, because your state provides Medicaid to individuals with household income up to 133 percent of the federal poverty line), you are not eligible for the premium tax credit.
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Note: The federal poverty guidelines — sometimes referred to as the “federal poverty line” or FPL — state an income amount considered poverty level for the year, adjusted for family size. HHS determines the federal poverty guideline amounts annually. The government adjusts the income limits annually for inflation. The Federal Register publishes a chart reflecting these amounts at the beginning of each calendar year. You can also find this information on the HHS website. HHS provides three federal poverty guidelines: one for residents of the 48 contiguous states and D.C., one for Alaska residents and one for Hawaii residents. For purposes of the premium tax credit, eligibility for a certain year is based on the most recently published set of poverty guidelines at the time of the first day of the annual open enrollment period. As a result, the tax credit for 2014 will be based on the 2013 guidelines. The tax credit for 2015 will be based on the 2014 guidelines. Use of the 2014 federal poverty guidelines (FPL) for the 2015 premium tax credit eligibility determinations will begin on the first day of the open enrollment period for 2015 coverage, which is November 15, 2014.
For purposes of the premium tax credit, your household income is your modified adjusted gross income plus that of every other individual in your family for whom you can properly claim a personal exemption deduction and who is required to file a federal income tax return. Modified adjusted gross income is the adjusted gross income on your federal income tax return plus any excluded foreign income, nontaxable Social Security benefits (including tier 1 railroad retirement benefits), and tax-exempt interest received or accrued during the taxable year. It does not include Supplemental Security Income (SSI).
An employer-sponsored plan is affordable if the portion of the annual premium you must pay for self-only coverage does not exceed 9.5 percent of your household income (adjusted to 9.56 percent for plan years beginning in 2015 – see Revenue Procedure 2014-37. (See question 7 for what is included in household income.) The affordability test applies only to the portion of the annual premiums for self-only coverage and does not include any additional cost for family coverage. If the employer offers multiple health coverage options, the affordability test applies to the lowest-cost option available to you that also satisfies the minimum value requirement. If your employer offers any wellness programs, the affordability test is based on the premium you would pay if you received the maximum discount for any tobacco cessation programs, and did not receive any other discounts based on wellness programs.
An employer-sponsored plan provides minimum value if the plan covers at least 60 percent of the expected total allowed costs for covered services. Beginning in 2014, your employer will provide you with a document called a Summary of Benefits and Coverage. That document will give you information about the benefits and coverage under your employer-sponsored plan, including whether the plan provides minimum value. Also, under the Fair Labor Standards Act, most employers will provide employees with a notice about their options in the Marketplace and their potential eligibility for a premium tax credit. This one-time notice will include information about whether the employer has a plan that provides minimum value.
If you enroll in an employer-sponsored plan, including retiree coverage, you are not eligible for the premium tax credit even if the plan is unaffordable or fails to provide minimum value.
For any tax year, if you receive advance credit payments in any amount or if you plan to claim the premium tax credit, you must file a Form 8962, Premium Tax Credit (PTC) and attach it to your federal income tax return for that year. If you receive any advance credit payments, you will use your return to reconcile the difference between the advance credit payments made on your behalf and the actual amount of the credit that you may claim. This filing requirement applies whether or not you would otherwise be required to file a return. If you are married and you file your tax return using the filing status Married Filing Separately, you will not be eligible for the premium tax credit unless you meet the criteria in Notice 2014-23, which allows certain victims of domestic abuse to claim the premium tax credit using the Married Filing Separately filing status for the 2014 calendar year.
If you are married and you file your tax return using the filing status Married Filing Separately, you will not be eligible for the premium tax credit unless you meet the criteria in section 1.36B-2T(b)(2) of the Temporary Income Tax Regulations, which allows certain victims of domestic abuse and spousal abandonment to claim the premium tax credit using the Married Filing Separately filing status.
To certify that you are a victim of domestic abuse or spousal abandonment and qualify for relief from the joint return filing requirement, you should check the “Relief” box in the top right-hand corner of Form 8962, Premium Tax Credit (PTC). You should not attach documentation of the abuse or abandonment to your tax return, but should keep any documentation you may have with your tax return records. For examples of what documentation to keep, see Pub. 974. Taxpayers may claim this relief from the joint filing requirement for no more than three consecutive years.
Note: Generally, a married taxpayer who lives apart from his or her spouse for the last six months of the taxable year is considered unmarried if he or she files a separate return, maintains as the taxpayer’s home a household that is also the main home of a dependent child for more than half the year, and furnishes over half the cost of the household during the taxable year.
Domestic abuse includes physical, psychological, sexual, or emotional abuse, including efforts to control, isolate, humiliate, and intimidate, or to undermine the victim’s ability to reason independently. All the facts and circumstances are considered in determining whether an individual is abused, including the effects of alcohol or drug abuse by the victim’s spouse. Depending on the facts and circumstances, abuse of the victim’s child or other family member living in the household may constitute abuse of the victim.
A taxpayer is a victim of spousal abandonment for a taxable year if, taking into account all facts and circumstances, the taxpayer is unable to locate his or her spouse after reasonable diligence.
If you purchased coverage through the Health Insurance Marketplace you should receive Form 1095-A, Health Insurance Marketplace Statement from your Marketplace by early February. This form provides information you will need when completing Form 8962. If you have questions about the information on Form 1095-A for 2014, or about receiving Form 1095-A for 2014, you should contact your Marketplace directly. The IRS will not be able to answers questions about the information on your Form 1095-A or about missing or lost forms.
Filing electronically is the easiest way to file a complete and accurate tax return. Electronic Filing options include free Volunteer Assistance, IRS Free File, commercial software and professional assistance.
The law bases the size of your premium tax credit on a sliding scale. Those who have a lower income get a larger credit to help cover the cost of their insurance. In other words, the higher your income, the lower the amount of your credit.You will figure your credit on Form 8962. You must complete this form to claim the premium tax credit and reconcile any advance credit payments with the premium tax credit you are eligible to claim on your return. Form 1095-A from your Marketplace provides information you will need when completing Form 8962.(see question 14) Filing electronically is the easiest way to file a complete and accurate tax return. Electronic Filing options include free Volunteer Assistance, IRS Free File, commercial software and professional assistance.
Additionally, the premium tax credit is a refundable tax credit. This means that if the amount of the credit is more than the amount of your tax liability, you will receive the difference as a refund. If you owe no tax, you can get the full amount of the credit as a refund. However, if you receive advance payments of the credit, you will reconcile the advance payments with the amount of the actual premium tax credit that you calculate on your tax return. If your actual allowable credit on your return is less than your advance credit payments, the difference, subject to certain caps, will be subtracted from your refund or added to your balance due. If your actual allowable credit is more than your advance credit payments, the difference will be added to your refund or subtracted from your balance due. (See question 4 for information on changes in circumstances.)
Failure to File and Reconcile
If advance payments of the premium tax credit were paid on behalf of you or an individual in your family in 2014, and you do not file a 2014 tax return, you will not be eligible for advance payments of the premium tax credit or cost-sharing reductions to help pay for your Marketplace health insurance coverage in 2016. This means you will be responsible for the full cost of your monthly premiums and all covered services. In addition, we may contact you to pay back some or all of the 2014 advance payments of the premium tax credit.
You may receive this letter if you have not yet filed your 2014 tax return, even if you received an extension of time to file until October 15, 2015. Because Marketplaces will determine eligibility for advance tax credit payments and cost-sharing reductions for the 2016 coverage year during the fall of 2015, it will substantially increase your chances of avoiding a gap in receiving this help if you file your 2014 tax return with Form 8962 electronically as soon as possible.
For questions about information on the letter visit HealthCare.gov, or call the Marketplace Call Center at 1-800-318-2596.
I filed for an extension of time to file but I still received a letter from the Marketplace stating that they were not able to verify that I reconciled the advance payments I received in 2014. Do I need to file now or can I wait until October?
If you missed the April 15 deadline or received an extension to file until Oct. 15, you should file your return as soon as possible. You should not wait to file. File now to reconcile any advance credit payments you received in 2014 and to maintain your eligibility for future premium assistance.
Remember that filing electronically is the best and simplest way to file a complete and accurate tax return as it guides you through the process and does all the math.
By Neil Primack
The Health Insurance Marketplace is the place where you will find information about private health insurance options, purchase health insurance, and obtain help with premiums and out-of-pocket costs if you are eligible.
The initial open enrollment period to purchase health insurance for 2014 through the Marketplace began Oct. 1, 2013, and closed March 31, 2014. The next open enrollment period to purchase health insurance for 2015 through the Marketplace begins November 15, 2014 and closes February 15, 2015.
The Department of Health and Human Services (HHS) administers the requirements for the Marketplace and the health plans offered.
Learn more about the Health Insurance Marketplace at: www.healthcare.gov
By Neil Primack
The health insurance premium tax credit is an advanceable, refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange, beginning in 2014.
You can choose to have the credit paid in advance to your insurance company to lower what you pay for your monthly premiums, or you can claim all of the credit when you file your tax return for the year. If you choose to have the credit paid in advance, you will reconcile the amount paid in advance with the actual credit you compute when you file your tax return.
By Neil Primack
How to Manage Higher Health Insurance Costs in 2016 http://t.co/DWDvF7lY2s
— Neil Primack (@NeilPrimack) August 6, 2015
By Neil Primack
Florida a big winner in Supreme Court health care ruling #FloridaHealthInsurance http://t.co/lzxh88DDpf http://t.co/7KYVwJc5vQ
— Neil Primack (@NeilPrimack) June 29, 2015
By Neil Primack
New Tax Penalty Starts Today on Small Business Health Insurance http://t.co/pKplvhdFG7
— Neil Primack (@NeilPrimack) July 2, 2015
By Neil Primack
3 Questions to Help Sort Student Health Coverage Choices http://t.co/yFkmUVxLzk
— Neil Primack (@NeilPrimack) May 29, 2015
By Neil Primack
How many people has Obamacare really insured? http://t.co/bEWDthIzbo
— Neil Primack (@NeilPrimack) May 28, 2015
By Neil Primack
Best Insurance Advice For Life, Disability, Medical #FloridaLifeInsurance http://t.co/VsQTAmlWNr http://t.co/drDOLTbk0I
— Neil Primack (@NeilPrimack) May 26, 2015
By Neil Primack
.@KaiserFamFound's Drew Altman: 37% say their high-deductible health plan is excellent or good value http://t.co/MfinxFJzkM via @WSJPolitics
— Neil Primack (@NeilPrimack) May 21, 2015
By Neil Primack
What is the difference between a copay and a deductible? http://t.co/Kr1teiGAmg
— Neil Primack (@NeilPrimack) May 20, 2015
By Neil Primack
Are More Americans Benefiting From Obamacare Than Realize It? http://t.co/40mrkxCtDp
— Neil Primack (@NeilPrimack) May 20, 2015
By Neil Primack
Medicare Supplement Plan Selection
If you are new to the Medicare process, you can’t help avoid being confused by Medicare insurance terms around your 65th birthday. If you are not new to the process and felt that you had a understanding of Medicare; we will be glad to bring you up to date on the new modernized Plans that became effective as of June 1 2010. The NEW Modernized Medicare Supplement Plans that became effective June 1st 2010, each provide a different set of coverages as mandated by Federal Law. The Plans all must offer equal coverage regardless of which Company issues the plan – a plan “N” purchased from a Company cannot differ from a plan “N” purchased from other Companies. The Three most popular plans are “F”, “G” and “N”
If a checkmark appears in a column of this chart, the Medigap policy covers 100% of the described benefit. If a column lists a percentage, the policy covers that percentage of the described benefit. If a column is blank, the policy doesn’t cover that benefit. Note: The Medigap policy covers coinsurance only after you have paid the deductible (unless the Medigap policy also covers the deductible).
Medigap Benefits |
A |
B |
C |
D |
F* |
G |
K |
L |
M |
N |
Medicare Part A Coinsurance hospital costs up to an additional 365 days after Medicare benefits are used up |
x |
x |
x |
x |
x |
x |
x |
x |
x |
X |
Medicare Part B Coinsurance or Copayment |
x |
x |
x |
x |
x |
x |
50% |
75% |
x |
Has a $20 Office Visit Copay and a $50 ER Copay |
Blood (First 3 Pints) |
x |
x |
x |
x |
x |
x |
50% |
75% |
x |
x |
Part A Hospice Care Coinsurance or Copayment |
x |
x |
x |
x |
x |
x |
50% |
75% |
x |
x |
Skilled Nursing Facility Care Coinsurance |
x |
x |
x |
x |
50% |
75% |
x |
x |
||
Medicare Part A Deductible |
x |
x |
x |
x |
x |
50% |
75% |
50% |
x |
|
Medicare Part B Deductible |
x |
x |
Does Not Pay |
|||||||
Medicare Part B Excess Charges |
x |
x |
||||||||
Foreign Travel Emergency (Up to Plan Limits) |
x |
x |
x |
x |
x |
x |
||||
Medicare Preventive Care Part B Coinsurance |
x |
x |
x |
x |
x |
x |
x |
x |
x |
x |
|
|
|
|
|
Notes:
* |
Plan F also offers a high-deductible plan. This means you must pay for Medicare-covered costs up to the deductible amount $2,070 in 2012 before your Medigap plan pays anything. |
** |
After you meet your out-of-pocket yearly limit and your yearly Part B deductible ($140 in 2012), the Medigap plan pays 100% of covered services for the rest of the calendar year. |
*** |
Plan N pays 100% of the Part B coinsurance except up to $20 copayment for office visits and up to $50 for emergency department visits. Plan N does NOT pay the Part B deductible of $140 per year. |
The decision is a Three Step Process:
#1 Review the plans above and determine which one best suits your needs based on the coverages provided.
#2 Get quotes from several of the Major Companies to determine which has the best price on the plan you selected.
#3 Make sure that you select a Company that has good financial ratings and claims payment reputation.
We can provide you with the best quotes from the best Companies through our Instant Online Quoting system: www.medicare-supplement-florida.info
You can view several quotes along with the Outline Of Coverage. After reviewing the material you can call us at: 561-935-3907 with any questions regarding the plans or the application process.
Thank You.
Neil Primack, Lic Agent
561-935-3907
neil@floridahealthinsurancebroker.com
www.floridahealthinsurancebroker.com