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New Coverage Options for 2019: Short-Term Plans are Back

An important insurance change for those under 65: short-term insurance plans are back!

Federal lawmakers ruled to allow people to buy short-term, limited-duration health coverage that lasts up to 12 months and can be renewed for an additional, maximum of 36 months.

Previously, the Affordable Care Act limited these plans to a maximum of three months of coverage, renewable for another three months depending on the insurance carrier. This decision comes after lawmakers saw expansion of these plans as a way to make healthcare coverage more affordable for people who have been priced out of the individual market.

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What Would Happen if Premium Tax Credits Went Away in Wisconsin?

Supreme Court DecisionJust recently, the US Supreme Court voted to uphold Obamacare subsidies. What exactly does this mean?

First, we need to define subsidies. Premium tax subsidies and advanced premium tax credits are both the same thing, and they refer to the income-based discount on Obamacare health insurance. This is the advanced discount to help pay your premium. For example, based on your income, your tax credit could be $150, which reduces your premium by that much every month.

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Can I Deduct My Health Insurance Premium?

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Check with your tax adviser if you can deduct your health insurance premium

Some individual taxpayers are able to claim an itemized deduction for their qualified medical expenses, including medical insurance plans premiums. In order to qualify, the qualified expenses must surpass 10% of an individual’s yearly-adjusted gross income. This percentage lowers to 7.5% if you or your spouse reached the age of 65 or older as of December 31st, 2014. In both situations, if you do not reach this percentage, you do not qualify for the deduction.  It is essential to track and record every expense related to your healthcare in order to do so.

While most insurance premiums are applicable, a few are not. Be sure to check with your accountant so there are no delays in your filing.

Medicare insurance is coverage that typically begins once an individual turns 65. There are various types of coverage. Here is a brief description of each:

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