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Health Insurance and Your Taxes: Important! Must Read!

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Nevada Insurance Enrollment Explains Be Cautious With Your Insurance Subsidy

LAS VEGAS - eTradeWire -- If you received a Government subsidy last year for your Health Insurance, you could end up owing the IRS money.

Subsidies, they are great! But you HAVE to get your income correct! When you claim you will make a certain amount of money in a year and you receive a subsidy from the government to help pay your health insurance premiums, you must notify them of any changes. Be honest in stating your income!  There are very serious consequences to playing games with your income.

If you forget to make an adjustment to your income or even your family size, and the government keeps subsidizing your health insurance, you will have that money taken out of your tax refund when you file your taxes, or you will have to pay it back to the IRS.

We suggest that any time you have a change to your income or your family, that you call us. Let us know of the changes and we will take care of making the adjustments to your account to keep you straight and out of trouble.

If you've had a "Life Event" like having a baby, get divorced, married, adopted, began to receive health coverage through a job or spouses/parents job, and have a health insurance plan through the Governments website that has a subsidy, you've GOT to let them know! This subsidy to help pay for health insurance is an on-going process. Anytime you fill out a health insurance application through their website and get a subsidy, you cannot expect to fill out the application once a year and figure you are done until the next year. Any "Life Event" will affect your "subsidy" (including changes to your income), up or down you'll need to update your account. These changes affect your advanced premium tax credit amount.

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Read the full article: https://www.nevadainsuranceenrollment.com/health-insurance-and-your-taxes-important-must-read/

Learn more: https://www.nevadainsuranceenrollment.com/individual-family-health-insurance/

Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com

Contact
Nevada Insurance Enrollment
Shelly Rogers
info@nevadainsuranceenrollment.com
702-898-0554


Source: Nevada Insurance Enrollment

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