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Health Insurance: Preparing For The Open Enrollment
Open enrollment can be nerve-racking, to say the least. On top of it, tens of thousands of people will be losing their current coverage December 31, 2014. Being prepared could be all that you need heading in to it. Delaying could only cause problems.
By: Elite Benefits of America
Just like anything else, being prepared could mean everything. Having the right information could prevent these people losing their coverage.
“Other people may want to change their coverage for 2015. They will need certain items to help them make an informed decision”, says Butch Zemar, President at Elite Benefits of America.
Tax credits were designed to help individuals, families and small businesses make health insurance premiums more affordable. That is what the Affordable Care Act did.
“Qualifying for a tax credit could be the difference of affording the coverage and not”, Zemar adds.
In order to receive tax credit, you must first qualify. There is a list of things that are needed to help with the process.
1. Last years tax return. Your income will be off of current year for the tax credit, but the last year's tax return gives you a baseline. It also has information that the marketplace will ask for. It is a good reference.
2. A snapshot of what you make in 30 days. If you were self-employed or work off commissions, you would use the income after your deductions (in most cases). If it cycles up and down, take the average, or speak to a CPA or other tax professional.
3. Based on income, filing status and premiums, you may qualify for a tax credit. With some preliminary checking with a qualified insurance professional, you can save hours of time wasted to find out you do not qualify.
Obtaining the right coverage for your budget can make a difference for the family. Not all families will qualify for the tax credit. There are certain qualifications that are needed. Seek professional help to determine your eligibility.
Elite Benefits of America works with individuals, families and small businesses to determine the right coverage for them. Their insurance agents are qualified to assist in determining tax credits on the Health Insurance marketplace. For more information, please contact them at 888-535-3006 or visit EliteBenefits.net