We are deep into our second month of assisting people with enrolling in healthcare. Our main page always has good basic information including how to find us. This fall will be our eight open enrollment that we have assisted people with health-plans with out adding a fee. On to the questions.
Did you receive a $1200 check to help you get by during Covid-19 stay at home/ quarantine? How about the extra $600 in unemployment. The help for the plans on the Washington Healthplanfinder are driven by income. If your income is not reported accurately then you could be overpaying for your healthcare or you could be required to pay back money when you file your taxes the following year. Let's take care of the top questions.
1. Do I need to change the income in the Healthplanfinder for the $1200 check? The answer is a resounding no. The $1200 per person ($500 for children) does not count as income and does not need to be reported.
2. I am drawing an extra $600 per week for unemployment, do I declare it? It does not count against Apple Health for income however it counts against tax credits received. The Healthplanfinder is planning an update to allow people to declare it with the June update. They are recommending to not change income until after the update.
Protip: The way to do it now, would be adjusting the tax credits that you are using now. While it would increase what you are paying for healthcare, it would reduce your tax bill when you file your taxes next year. It would also not impact any family members using apple health. If you have any questions about how to do this then contact us.
3. When am I supposed to change income? Anytime that you have an income change of more than $150 or more two months in a row. Remember if you do not use all of your tax credits on healthcare then you will receive them when you file your taxes.
If you have any questions then do not hesitate to ask. We often post on our facebook page or you can also listen to our podcasts if you want something lighter.
Did you receive a $1200 check to help you get by during Covid-19 stay at home/ quarantine? How about the extra $600 in unemployment. The help for the plans on the Washington Healthplanfinder are driven by income. If your income is not reported accurately then you could be overpaying for your healthcare or you could be required to pay back money when you file your taxes the following year. Let's take care of the top questions.
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| special enrollment rules |
1. Do I need to change the income in the Healthplanfinder for the $1200 check? The answer is a resounding no. The $1200 per person ($500 for children) does not count as income and does not need to be reported.
2. I am drawing an extra $600 per week for unemployment, do I declare it? It does not count against Apple Health for income however it counts against tax credits received. The Healthplanfinder is planning an update to allow people to declare it with the June update. They are recommending to not change income until after the update.
Protip: The way to do it now, would be adjusting the tax credits that you are using now. While it would increase what you are paying for healthcare, it would reduce your tax bill when you file your taxes next year. It would also not impact any family members using apple health. If you have any questions about how to do this then contact us.
3. When am I supposed to change income? Anytime that you have an income change of more than $150 or more two months in a row. Remember if you do not use all of your tax credits on healthcare then you will receive them when you file your taxes.
If you have any questions then do not hesitate to ask. We often post on our facebook page or you can also listen to our podcasts if you want something lighter.
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| add our podcast |
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