Ryan Kennelly
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Can S-corporation owners deduct health insurance expenses?
Choosing an S-corporation to form your business comes with a number of impressive tax advantages. You don’t pay corporate income tax, and your Social Security and Medicare tax bills are lower—inste...
My 24-year-old son works full-time and lives near me and my spouse. My spouse and I are eligible for a silver plan with a 73% actuarial value, but my son is eligible for a plan with an 87% actuarial value. What happens if we all enroll in 1 family policy?
If you all enroll in the same plan, you would only be eligible for a plan with a 73% actuarial value; that is the lowest-value plan for which all of you would qualify in this situation.
If my estimated income next year will be 140% above the federal poverty level but my annual income is lower and would've qualified for Medicaid, will I have to pay back the subsidy?
No, your final premium credit amount will be determined based on your income for the year as reported on your tax return. The fact that it ended up being 130% of the poverty line does not mean you ...
Do I need to include income of people in my household who don’t need insurance?
Yes! For the Health Insurance Marketplace, a household usually includes the tax filer, their spouse if they have one, and their tax dependents. Tax filer + spouse + tax dependents = household Follo...
What is Supplemental Security Income (SSI) and how do it affect my subsidy?
Supplemental Security Income (SSI) is a monthly benefit paid by Social Security to people with limited income and resources who are disabled, blind, or 65 or older. SSI benefits aren't the same as ...
What is short term health insurance and what does it cover?
Short Term Health Insurance plans are major medical insurance that provides individual healthcare coverage for a defined period of time, up to 364 days and renewable for up to 36 months in many sta...
Can I Change my Medigap Plan anytime?
4 reasons you may want to switch Medigap policies You're paying for benefits you don't need. You need more benefits than you needed before. Your current Medigap policy has the right benefits, but...
What is the Medicare Standard Part D Deductible for 2021?
Medicare Part D Parameters The 2021 parameters (below) were calculated using the annual percentage increase method, and they will increase by approximately 1.5% to 2.5%, with the out-of-pocket (OOP...
Short-Term Health Insurance 2026
Short-term health insurance was designed to provide coverage for people who are in between coverage options, are exempt from the mandate to buy insurance, or want catastrophic health coverage outsi...
How to choose between COBRA, Obamacare, and Short-Term Insurance?
FACTORS COBRA Obamacare Short Term Insurance I prefer a broad network of doctors, hospitals, etc. ✓ ✓ I prefer to maintain the same insurance I had from my job ✓ I, or...