Tag: internal revenue service

Penalties are coming for those without health insurance

Nordstrom
Online Health Insurance

Lack of insurance coverage is becoming an expensive problem Those that do not have health insurance may be surprised to find themselves with fines levied against them by the federal government after they file taxes. This year, those filing taxes must inform the Internal Revenue Service of their insurance status. Those without coverage will face a fine, while those with coverage will not. The average fine for those that have not had coverage over the past year will be $95, or 1% of a household income, whichever is greater. The…

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2015 brings more changes to health insurance in the US

Nordstrom
US Supreme court ruling health insurance

A new year means that new provisions of the Affordable Care Act will be enacted The new year has arrived and that means that there will be more changes to the United State’s health care system. The new year means that more provisions of the Affordable Care Act will become active, which could be beneficial for some consumers, but somewhat difficult for businesses to cope with. This year, employers will have to adhere to new health insurance regulations. Consumers will also face some tax changes, as they will now be…

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Health insurance penalties are becoming more expensive in 2015

S.Vagus
health insurance cost medical

Penalties for those without insurance coverage are set to rise next year Those without health insurance in the United States could face higher penalties in 2015. Next year will be the first time that U.S. citizens will be required to report whether or not they have insurance coverage to the Internal Revenue Service. Those without insurance coverage will face fines, while those with coverage will avoid these fines. The uninsured could qualify for some 30 exemptions to these penalties, but most people are completely unaware of these exemptions. 3% of…

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Health insurance subsidies hit a roadblock in the US

Logan B.
health insurance deadline enrollment

Some people may be receiving more subsidies than they are due U.S. consumers may be receiving more subsidies from the federal government than they are due to receive under the Affordable Care Act. The federal law offers financial assistance to those that fall within a certain range of poverty, as defined by the government. Subsidies are meant to offset the cost of health insurance policies, making them more affordable and more widely available to consumers throughout the country. Some people may be abusing the availability of these subsidies, however. Some…

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Health insurance subsidies are in jeopardy in the US

S.Vagus
Health Insurance Expense

Federal appeals court rules that subsidies are illegal Health care is still a problematic issue in the U.S. Earlier this week, the D.C. Circuit Court of Appeals ruled that the Affordable Care Act does not grant the Internal Revenue Service the authority to distribute subsidies through state-based insurance exchanges. This ruling implies that the subsidies provided to those receiving coverage through these exchanges are illegal. Merely hours after the court had issued its ruling, the Fourth Circuit Court of Appeals ruled that these subsidies were actually legal. Contradictory rulings place…

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