Did you lie about having health insurance on your tax form?

You don’t have to answer that, but on April 15, 2016, when you file your 2015 taxes, the IRS will know if you had a QHP or Qualified Health Plan or not. Insurance Carriers are now supposed to collect your Social Security number and report it to the IRS has having health insurance.  They have typically collected this information, but now they have to report it to the IRS.  If they don’t, they will be out of compliance.

Here is how it will work.  Next year, when you file your income tax, if your social security number doesn’t pop up as one reported by an Insurance Carriers as having a Qualified Health Plan, you will be receiving an inquiry from the IRS.  You’ll either have to submit proof you did have a QHP or pay the fine.  If you don’t have coverage in 2015, you’ll pay the higher of these two amounts:

  • 2% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,150 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a bronze plan. Or $325 per person for the year ($162.50 per child under 18). The maximum penalty per family using this method is $975. – healthcare.gov
  • Open enrollment is over, but there is one way you can get health insurance without any health questions being asked.  You have until April 30th to take advantage of this “Special Enrollment Period,” so don’t delay. Go to: www.urbenefitsolutions.com to run a free quote and find out what it might cost or call me to discuss at 512-301-4442.

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