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Things to Check Before Open Enrollment Ends On February 15

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Millions of Americans who receive health insurance through work are benefiting from the Affordable Care Act (ACA), and millions of others have signed up for the Health Insurance Marketplaces to lower their monthly premiums.

As the end of 2015 Health Insurance Marketplace open enrollment period quickly approaches, there are some questions you should ask yourself to make sure you’re complying with the Affordable Care Act (ACA) to avoid being hit with a tax penalty when  you file your 2015 federal income taxes next year.

  1. Do I have coverage? If not, do I need it?

The ACA requires most Americans to carry a health insurance plan. If you choose not to, you will be choosing to pay a fine to be uninsured. Call one our tax experts at 888-737-0200 to see if you can qualify for an exemption.

  1. Does my current plan comply with the ACA?

Most employment-based plans comply with the law and if you already have a plan from the Health Insurance Marketplace or your state Marketplace you are in compliance. Medicare, Medicaid, the Children’s Health Insurance Program, TRICARE and any other qualified coverage also complies with the health law.

  1. Can I get subsidized insurance?

If you are uninsured or buy your own coverage visit Healthcare.gov or your state’s Marketplace to find out if you qualify for subsidized insurance. Depending on your household income you may be eligible for an advanced premium tax credit and cost-sharing assistance. If you have a limited income you can also find out if and how you can qualify for Medicare. If you already have a Marketplace plan, you have until February 15 to purchase different coverage if your plan is no longer right for you. Just remember to cancel your old policy!

  1. Did I report my life changes?

If you had any major life events this year such as marriage, divorce, having a child or a change in income, makes sure to update your information on your plan. You could be eligible to receive more financial assistance or you could have to repay money when filing your income taxes.

If you have any more questions about how the ACA could affect your taxes,call 888-737-0200 or visit http://www.advocatetaxsolutions.com. The tax experts at Advocate Tax Solutions are your one stop resource for all of your tax issues.