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It’s that time
of year again:
Marketplace
open enrollment
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BY JOHN ULNESS
November is open enrollment time for individuals and families who buy insurance on their own. It is the time of year to review premiums, out-of-pocket costs, provider networks, drug
formularies and extra benefits for wellness. It is also the only time of the year when the uninsured can buy qualified health insurance plans and receive tax credits.
Since 2014, many people have received substantial tax credits to lower
their monthly premium based on household size and income. Tax credits are available up to 400 percent of the Federal Poverty Level (FPL). The loweryourincome,andolderyourage,thehigherthetaxcredit.Indi- viduals offered qualified and affordable employer group health coverage make the spouse and dependents ineligible for tax credits.
2019 FPL LIMITS ON ESTIMATED HOUSEHOLD INCOME TO RECEIVE TAX CREDITS
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Family size
2019 400 percent FPL Household income
1
$48,560
2
$65,840
3
$83,120
4
$100,400
5
$117,680
At tax time, estimated household income is reconciled to actual household income. Going over 400 percent FPL can be a big surprise as any tax credit received during the year would be owed back to the Marketplace when you file your taxes the following April. Income planning and tax strategizing to stay below 400 percent FPL can be done using HSA accounts and traditional IRAs. Other strategies might include delaying Social Security benefits at age 62 or reducing retirement account withdrawals past age 591⁄2.
In 2019, there is no tax penalty for not having health insurance and lower cost, short-term plans can be purchased for up to 12 months with underwriting. Health sharing ministries are another option for household incomes over 400 percent FPL.
The Marketplace open enrollment period begins November 1 and ends December 15. There is no extra cost to get expert help to choose the best plan for your needs.
John Ulness is co-owner of Ulness Health Insurance & Wellness in Appleton. He helps people in Wisconsin understand their health insurance options to control costs and enroll. He can be reached at 1-800-386-0876 or john@ulnesshealth.com.
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Nature’s Pathways® | November 2018
www.naturespathways.com