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Tag Archives: taxes

Is health insurance considered a fringe benefit?

Whether or not health insurance is considered a fringe benefit is a question of great importance for both employers and employees. “Fringe benefit” is a term which is usually used for taxation purposes. It is sometimes used colloquially to refer to all benefits offered by an employer, but this is not technically correct. This article […]

When do I get the Obamacare subsidy?

With the passage of the Affordable Care Act (ACA) — which is also known as Obamacare — many people who faced high costs for health insurance became eligible for certain programs. That financial assistance is provided through premium tax credits and other cost-sharing reductions for people getting insurance through the Marketplace. After finding out how much […]

Is reimbursement for my health insurance taxable?

Generally speaking, reimbursements for health insurance are taxable if they were made in excess and contributed to the amount of income generated during the year. In addition, Health Reimbursement Accounts, often referred toHealth Reimbursement Arrangements, or HRAs, are tax-free. In order to determine which health insurance reimbursements are taxable, taxpayers need to understand a little […]

How do I prove I have health insurance?

How do I prove I have health insurance? You can report your health insurance status when you file your federal tax returns for the previous year. There are three different forms that the IRS uses to gather health insurance information. If you purchased your health insurance coverage through the marketplace exchange, you should file your […]

How does the IRS verify if you have health insurance?

The IRS can verify the existence of health insurance coverage for any family or individual. The Affordable Care Act set up a system of reports based on sign ups, premium payments, and dropped coverage. The individual or family group taxpayer must also file tax documents at the end of the year which add to the […]

What is a tax subsidy for health insurance?

What is a tax subsidy for health insurance? A health insurance tax subsidy, also known as a premium tax credit, can help lower your health insurance costs by reducing the amount you have to contribute towards your monthly premium. When you fill out an application on the healthcare.gov website, it will let you know if […]

Is my employer paid health insurance taxable?

While employers may offer some fringe benefits that are considered to be taxable as income, health insurance is not one of these items. Both insurance premiums and long-term care insurance, when offered by an employer, are non-taxable benefitsts. There are a few exceptions to this rule. Here is a look at how health insurance is […]

When are health insurance premiums tax deductible?

The Affordable Care Act, also known as Obamacare, was intended to help reduce the cost of healthcare for the average American. Whether it does this in the long term remains to be seen, but in the short term, it has added a lot of confusing regulations to the health care sector. One of these regulations […]

What’s the penalty for not having healthcare?

If you do not have health insurance, you will end up paying a penalty when tax season comes around. The penalty that you will pay is called the individual shared responsibility payment. Even if you are not insured for just some months out of the year, you will still have to pay the federal penalty […]

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