Category: Health care

  • Seniors May Be Able to Write Off Medicare Premiums on Their Tax Returns

    Seniors May Be Able to Write Off Medicare Premiums on Their Tax Returns

    Are you age 65 and older, and do you have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But there may be a bright side: You may…

  • Unemployed Last Year?  Buying Health Insurance This Year?  You May Benefit from Favorable New Changes

    Unemployed Last Year? Buying Health Insurance This Year? You May Benefit from Favorable New Changes

    In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return…

  • Changes to Premium Tax Credit Could Increase Penalty Risk for Some Businesses

    Changes to Premium Tax Credit Could Increase Penalty Risk for Some Businesses

    The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements…

  • COBRA Provisions Play Critical Role in COVID-19 Relief Law

    COBRA Provisions Play Critical Role in COVID-19 Relief Law

    During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed American Rescue Plan Act (ARPA)…

  • Medical Expenses: What It Takes to Qualify for a Tax Deduction

    Medical Expenses: What It Takes to Qualify for a Tax Deduction

    As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.…

  • Some Business Owners Can’t Participate in Their Own Companies’ HRAs

    Some Business Owners Can’t Participate in Their Own Companies’ HRAs

    Many companies now offer health reimbursement arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the health savings account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA. But this may not…

  • Should Your Health Care Plan Be More Future-Focused?

    Should Your Health Care Plan Be More Future-Focused?

    The pace of health care cost inflation has remained moderate over the past year or so, and employers are trying to keep it that way. In response, many businesses aren’t seeking immediate cost-cutting measures or asking employees to shoulder more of the burden. Rather, they’re looking to “future-focused” health care plan features to encourage healthful…

  • Tax-free Fringe Benefits Help Small Businesses and Their Employees

    Tax-free Fringe Benefits Help Small Businesses and Their Employees

    In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance…