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 […]
'Taxes & Tax Credits' Category Archives
What Would Happen if Premium Tax Credits Went Away in Wisconsin?
Just 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 […]
Can I Deduct My 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 […]