Is it possible that the Cadillac Tax will be a major health spending cost ‘deflator’?
“The Kaiser Family Foundation did a little investigation into the accuracy of income estimates, and found that only 5 percent of those who applied for the subsidy don’t have to repay part of it or will receive a refund.” This is why Bestefits worked closely with clients to help explain subsidy eligibility, how to best approximate income and educate about how to provide income change updates to minimize uncertainty at tax time.
Many Bestefits clients introduced us to family and friend who were not aware of the tax implications of their medical insurance choices or why a certain carrier and plan would be better for their family needs.
A Special Enrollment Period (SEP) is now allowed through April 30th, to enroll in medical insurance and help minimize tax penalties for the 2015 year. This SEP was introduced because the IRS, other health care governing bodies, and some carriers understand that a great number of people did not fully realize the impact of not enrolling in medical insurance until filing their taxes for the 2014 year.
If you know individuals who still need this help, please let them know to call us as soon as possible because this special enrollment period will end April 30th! After April 30th, individuals will not be able to enroll in major individual/family medical insurance until November 15th without a valid qualifying event.
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