How can filing an extension on your taxes affect your subsidy?

For everyone receiving a subsidy for your health insurance. If you obtained an extension on filing your income taxes, consider filing the federal tax form by August, if not sooner. It can take the IRS three to twelve weeks to process a return and further delay may impact your ability to auto renew. This may mean having to complete the PEAK applications more often than normal or receiving an incorrect subsidy amount.

Last day to apply for coverage effective 1/1/2015.

Today is the last day, to apply for coverage to start 1/1/2015. Any applications received after today will be effective 2/1/2015.

Open enrollment for health insurance, Medicare Advantage, and Medicare Part D are upon us.

2014 FPLMedicare Advantage and Part D systems are operational. Please contact us if you are interested in making a change and we have not already discussed changing your policy and looked at options. We will need a full list of your current prescriptions with dosage and how often used. Open enrollment closes 12/7/2014.

We are certified to sell plans on the marketplace, Connect for Health Colorado. The application deadline to apply for health insurance to be effective 1/1/15 is 12/15/14, open enrollment will continue through 2/15/2015. Connect for Health Colorado (the marketplace) is operational and we can help you to complete your applications for insurance with a subsidy now. You only need to purchase coverage through Connect for Health if you are applying for a subsidy. The rates are NOT less through Connect for Health than off. There are companies available off of the marketplace that are not on it. We do not have all the plans and rates for all carriers off of the marketplace at this time. We expect this to be available at any moment and will start sending quotes to everyone we have already spoken to about renewals and changes as soon as we can. If you are interested in making a change or purchasing new coverage and have not already discussed this with us, please let us know as soon as possible. Everyone waiting for quotes, please be patient we will have them to you when the plans are all available.

In order to qualify for a subsidy, your 2015 family modified adjusted gross income must be expected to be at 400% of the Federal Poverty Rate or below (see chart attached), you must not be eligible for coverage through your employer that is deemed affordable, and you must file taxes jointly if married. Please note if your final income is higher than estimated your subsidy will be recalculated and corrected accordingly when you file taxes. If you believe you will qualify for a subsidy the first required step is to apply for and be declined by Medicaid. Please go to, set up and account (if you do not have one) and complete your PEAK application. Make sure you do this as soon as possible, as last year we saw the system become harder to manage and slower as time went on and more people were trying to access it. Please make sure you mark that you are applying for medical benefits. If you decide to go this route, please let us know once you have completed that application so we can follow-up accordingly. This can be a very confusing process and there are many requirements, please contact us with your questions and concerns.

A Step in the Right Direction

With an option to roll over part of your FSA, these accounts are now more attractive.

Long Term Care is essential in protecting your health and the wealth you spend your entire life building.

This much overlooked coverage can mean the difference between excellent and mediocre care and between assets to pass on vs none. Many people balk at the costs and we understand another insurance expense is not appealing. There are creative ways to get covered within your budget. 70% of people will need Long Term Care at some point in their life, the cost of not having it is much more than the cost of premiums.
Please read this article from Forbes magazine.