It's that time again.
Open Enrollment is right around the corner (Nov 1st - Jan 31st) to enroll health coverage.
As usual...the most important part is the Tax Credit
The good news is that many people are eligible!
Let's go through the updated income levels and understand how to the tax credit will work for 2018.
You can always run your quote with the 2018 tax credit built in here:
Make sure to enter your household size (more detail below) and income estimate (detail below) to get the tax credit detail.
You'll see your estimate at the top of the page but it will be deducted from the rates automatically.
We'll be addressing the following:
Lots to cover...let's get started
Every year, the income levels go up to qualify for the tax credit.
2018 is no different.
Here are the new income levels by size of household:
If you were just on the cusp between medi-cal and a tax credit, you may need to update your income estimate or the system may roll you automatically to medi-cal.
Just a head's up.
The income bands above reflect the full range but...
Within the bands, we have other important income levels to consider:
If you're just on the cusp of getting one of these, let's discuss to go over your income estimate.
It can make a huge deal!
Call 800-320-6269 or email us.
This is a tricky question.
Tricky enough that we created an entire article on how to calculate your 2018 income for Obamacare.
The net net...
For self-employed people, this is net business income and a few other deductions.
If your situation is complicated, call us at 800-320-6269 or email us.
This estimate is very, very important now.
Let's clarify Covered Ca's definition of household.
Whether a person is living somewhere else. In college. Your senior parent.
Do you claim them on taxes?
That's what matters.
Claim them for which year?
We want to estimate your income for the 2018 year.
That can be hard to do a full year in advance.
Especially for self-employed people.
All we can do is estimate and revise as we get better information during the year.
Things change year to year for many people.
It's very common.
IF they request documentation, you can use the affidavit we'll include in the enrollment confirmation when you apply here:
It's very common.
We're being asked to estimate income a full year out.
We can update income estimates any time during the year.
Let's look at the two situations.
We'll recoup our tax credit at April tax filing.
One note...we may have missed out on the enhanced Silver plans with a lower income estimate to match our actual income.
This is a bit worse depending on the variance.
If we're under the tax credit cap, we'll have to pay back a percentage of the tax credit that we we were not eligible for.
This all occurs at tax filing time.
Many people make mistakes with the income piece. Let us help you!
We should update as we get information that will move estimate +/- 10% typically (unless we're close to a cut-off).
Get help on this from us.
It has to be done a certain way and a certain time relative to payment or it can cancel the plan.
The system is also known to make other changes while processing the simple income change.
There's no cost our services as Certified Covered Ca agents.
Just email us the updated income estimate and we'll get to work!
With an existing Covered Ca account, you can quickly delegate us as the agent.
The self-employed usually get the most benefit from the law.
For w2 employees, they have to use their gross income.
Self-employed can use their net business income.
Other deductions figure heavily:
This can really bring down the AGI.
Most self-employed are surprised at what that line 37 is relative to their gross income.
Again, we can help you with the estimate since it can be tricky.
Here are the key points for calculating your 2018 income:
Of course, this is a simplified walk through but we're here to help with more complicated questions.
Our services are 100% free as Certified Covered Ca agent.
Let us know how we can help!
If our income is in the right range, there are a few important steps to take.
Here's how to get the 2018 Tax Credit:
There are a few other requirements that are less common but we can help you with more complicated issues.
We can't express to you how important this tax credit is.
This is not an exaggeration!
Get assistance...it's free to you!
How can we help.
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20 years of experience in the California health insurance market has taught us one thing...Competent and experienced guidance is Invaluable
We can quickly (very important) size up your health insurance needs and clearly explain the options available to you. Our focus is finding the most coverage at the best cost to you.
We are licensed Covered Ca agents with in-depth knowledge of their plans, process, and tax credits.
Call us...you will be Pleasantly Surprised. 800-320-6269
We'll quickly see if you have the best priced plan available and if you qualify for a tax credit800-320-6269
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