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Penalty for not having Health Insurance

1/30/2014

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ObamaCare's Individual Mandate: What is the Tax Penalty for Not Having Health Insurance?ObamaCare's individual mandate requires that most Americans obtain health insurance by 2014 or pay a tax penalty. The individual mandate goes into effect January 1st, 2014. The penalty will be applied to your annual taxable income for each month you don't have health insurance (although you do have a 3 month grace period hence the marketplaces being open until March 31st, 2014). 
(Taken from http://obamacarefacts.com/obamacare-individual-mandate.php)
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AGI and MAGI are different

1/30/2014

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When reviewing your tax return to determine the income your Net ACA Policy Premium will be after credits be sure to consider the MAGI (Modified Adjusted Gross Income) as the figure to calculate your premium.

Here is the latest confusing definition of the MAGI

MAGI calculation

To calculate your modified adjusted gross income, take your AGI and add back certain deductions. Many of these deductions are rare, so it's possible your AGI and MAGI can be identical. According to the IRS, your MAGI is your AGI with the addition of the following deductions, if applicable:

  • Student loan interest
  • One-half of self-employment tax
  • Qualified tuition expenses
  • Tuition and fees deduction
  • Passive loss or passive income
  • IRA contributions, taxable social security payments
  • The exclusion for income from U.S. savings bonds
  • The exclusion under 137 for adoption expenses
  • Rental losses
  • Any overall loss from a publicly traded partnership
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Anthem Blue Cross is way behind....

1/23/2014

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Many of my clients have been waiting for their ID cards and Insurance Documents. They have paid and many checks have been cashed. Others have not been cashed.

Covered California has informed us that documents would be mailed 10-15 days after the money is received. THIS IS NOT HAPPENING!

What to do.  MAKE YOUR 1st and 2nd PAYMENT BY 1/31/14!

   Pay by Credit Card on internet (Only if you have your Anthem Blue Cross Application ID [taken from the the letter from Anthem Blue Cross])
Click on this link: Anthem Payment Landing

   Pay by Credit Card or check over the phone Even without a Application ID or Policy Nr) Call (855) 634-3381

   In addition, I am offering an certified delivery of your payment on 1/24/14. YOU MUST HAVE YOUR PAYMENT IN MY OFFICE BY 12:00 pm. Because of the complexities involved...this service is offered with absolutely no responsibility for the US Mail, Anthem Blue Cross or anyone else who handles the delivery or the money.
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Humana is Sued for Not Canceling Policies

1/23/2014

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http://www.lifehealthpro.com/2014/01/23/humana-sued-for-keeping-policy-in-place
This Article is interesting because we deal with this problem VERY OFTEN, but not only with Humana, Anthem too. Why?

Maybe you have experienced this problem and maybe you need to team up with the ones suing.
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    Mark Trumm says

    I find Insurance interesting. In 40 years, I have never been so amazed at how things change, but lately things are changing quickly and drastically! I know you have questions, comments and frustrations. Let's unite to help each other!

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