Archive for the ‘Uncategorized’ Category

Health Insurance Subsidy on Form 1040

Kelley-Jensen2Health Insurance Subsidy on Form 1040 Much has been written about the premium tax credit or subsidies available to those that qualify.  Here are the most important things to know about the credit, including how it will probably look the first year it will be reported on form 1040, your federal income tax return. 1)    You must file a tax return to claim the credit.  A form 1040, not a form 1040NR (non-resident, sometimes filed using a PTIN). 2)    You cannot claim the credit if your filing status is married filing separately. 3)    You cannot be listed as a dependent on a tax return and claim the credit. 4)    You cannot claim the credit if you or your spouse is provided affordable coverage at work.  This means that if one taxpayer has affordable insurance at work , the entire family is not eligible for the credit, even if it is not affordable for the entire family.  (IRC §1.36B-2). 5)     The credit is NOT based on income reported on your paycheck or W-2, it is based on the adjusted gross income reported on your tax return, modified for any tax exempt income.  Click here for an example of a 2012 form 1040 to see where the number is on your tax return (pg1), (pg2). 6)    If you are self-employed, your health insurance deduction (see a sample 2012 form 1040 here) must be taken into account when estimating your AGI, be sure to ask a tax advisor about this. 7)    If your AGI will be different this year, or if it is too hard for you to estimate, you can take the credit when you file your tax return instead of monthly against premiums, or you can report changes in estimates as the year progresses. 8)    Click HERE for a chart of the income levels that qualify for the credit. 9)    For income tax purposes, a credit is better than a deduction.  A credit is a dollar for dollar reduction in your taxes, a deduction reduces your taxable income.  The premium tax credit you received as part of Obamacare is a big savings to your tax bill, but can only be taken to pay health insurance premiums. 10) If you have large health care expenses, those may be deductible, in addition to the credit, if you itemize your deductions.  Make it a habit to keep track of money you spend on health care and bring that information to a tax adviser. Lastly, the IRS will know if you have taken the credit to pay for health insurance premiums because the exchange will be reporting that information to both you and the IRS.  So, do not apply for the credit, use it to pay premiums and then not file a tax return. When the IRS receives a report about items of income, credits or deductions, they match it against the tax return filed.  When items do not match, they are sometimes flagged for follow up questions or audit, or sometimes the IRS will just issue a bill for differences. In cases where no tax return has been filed, the IRS will file one for you, in their favor.  Once they do that, it is up to the taxpayer to file an amended return and pay any penalties for late filing.  If you have never filed a tax return before, but would like to start for health insurance, consult a tax adviser or tax preparation service.

PIN Number Instead of Social Security Number, Do I get Subsidy?

PIN Number Instead of Social Security Number, Do I get Subsidy?

Kelley-Jensen2

I am an immigrant in the United States.  I do not have a Social Security Number, but I do have a PIN number issued to me by the IRS, can I qualify for health insurance subsidies using my PIN number?

A PIN number is officially known as an ITIN (Individual Tax Identification Number)  and is issued by the IRS to foreigners that have a need to file a tax return.  Such people can be resident or non-resident aliens, or the spouse of either.  Note that:

What affect does the Government shutdown have on Medicare?

JeffBaderWhat affect does the Government shutdown have on Medicare? On October 1, 2013 the United States federal government entered a government shutdown.  It has been widely reported that this shutdown is the result of Obamacare, http://blog.eindividualhealth.com/health-insurance/health-care-reform-what-do-i-absolutely-need-to-know   but what about Medicare?

There have been some Medicare related programs that have been deemed “non-essential” and therefore temporarily postponed or cut-back.  The U.S. Department of Health and Human Services (HHS) has instituted a contingency staffing plan under which approximately half of their workforce has been furloughed, including reduced staff at the Center for Medicare and Medicaid Services (CMS) and some health services may be cancelled.  The only Medicare services affected so far are the Annual Influenza Program that provides flu shots through Medicare is delayed and the Government website will not be updated until further notice.

Health Care Reform: What do I Absolutely Need To Know?

Kelley-Jensen2Author: Kelley Filice Jensen

There is so much information circling around the internet and media outlets about Obamacare, health care reform and the new law.   I feel very overwhelmed by it, and I only care how it affects me.  What do I absolutely need to know?

1)       If you have health insurance through an employer with more than 50 employees, you will probably not be affected by health care reform.

2)      If you have health insurance through an employer with less than 50 employees,    your employer MAY change the way he provides health insurance to take advantage of subsidies available to employees.  If so, the health insurance broker he works with will help you with your health insurance.

Women Take Charge! Perform Breast Self-exams

Breast self-exams are a women’s first line of defense against breast cancer. The most valuable thing about a breast cancer self-exam is that it helps women become familiar with the look and feel of their breasts while they are healthy. Thus, any change to breast tissue will be apparent, helping detect breast cancer and other potentially harmful conditions earlier. Doctor’s visits, mammograms and other women’s health insurance quotes here.

But, what is the correct way to do a self exam?

The American Cancer Society recommends the following technique for conducting a Breast self exam:

Supportive Devices (Casts, Splints, Braces)

Author: Kryijztoff (Kryz) Novotnaj, BHA, GBA, CBP, CCMA, CWS, MPHi-CE

With summer fast approaching, many people are getting outdoors, kids are playing sports, everyone is enjoying beautiful weather, and, breaking their bones. Accidents happen, and when they do, supportive devices like casts, splints and braces are necessary to the healing process.

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Welcome to the eIndividualHealth informational blog site.

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