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Video instructions and help with filling out and completing Health coverage exemptions

Instructions and Help about Health coverage exemptions

Day welcome to home biz tax talk my name is lissandra Everett I am the home biz Tax lady where I help home business owners win the tax game home biz tax talk airs Monday through Friday 9:00 o'clock ish and when you tune into my show you're gonna hear about topics that are important to the home business community alright today we're focused on health care I got the question about has the health care mandate or also the penalty been removed alright so for plans that are starting in 2022 okay so when you fire taxes in 2022 there will be no penalty but for taxes that are being filed in 2022 and previously for when the Affordable Care Act was enacted then yes there will be a penalty so if you did not have healthcare for the 2022 year when you file your taxes and you know incoming this coming tax season in 2022 there will be a penalty now with that there are you know some of course some changes to to healthcare now I don't I don't sell health insurance okay I just know the tax part but I also research something so that I can you know give you some stuff to think about and give you questions to go ask the people then actually do this for a living okay that's what I do so you know so starting in in 2022 there's these things called catastrophic plans okay listen we go and read all right because especially when I'm seeing you know medical bills for ninety eight thousand dollars for one month okay that is just crazy so now one of the before I get to these catastrophic plans and just kind of talking about some of the stuff that's going on the one thing that I'm hearing you know is people will be opting out of you know opting out of healthcare okay so even if you make that choice you still need to be setting aside money you still need to be thinking about your health care okay because the fact is that you're gonna need go to the doctor you're gonna need to get a physical you're gonna need to you know you you know if you walk out and can get hit by a car okay you still have to be able to care for yourself and you know I had a conversation with a young man he was probably about his late 20s early 30s and he was of course Union yeah you know about health care and I asked him quite simply well if you go out here and you get hit by a bus and you go to the hospital and he says oh well doctors are required to care for me I said okay but who's supposed to pay the doctor while he's away from his family because his family got to eat too who's supposed to pay the nurses that are there.

FAQ

Does heavy taxation in Europe leave the average European materially poorer than the average American?
Define “heavy.”UK perspective:In England, Wales, and Northern Ireland (Scotlad differs slightly), income tax is paid as follows:No income tax is payable on the first £11,850 (US $15,068) earned, but the next £34,500 (US $58,939) - i.e. up to a total salary of £46,350 (US $58,939) - attracts income tax at 20%. The next £103,650 (US $131,801) is taxed at 40%, and anything above that at 45%. After earning £100,000 in total, the £11,850 tax free allowance starts to reduce by a pound for every two pounds earned.Employees also pay National Insurance in a similar way, but with different thresholds:First £7,956 (US $ 10,117)= 0%Next £33,904 (US $43,112) = 12%Remainder = 2%[If they are paying into a workplace pension, though, the contributions will be offset against income tax/NI, but we’ll omit that for the sake of simplicity.]All salaried employees have income tax & NI deducted at source, so do not have to fill in a tax return.The average UK salary is £27,600 (US $ 35,096), so someone on this would be paying:Income taxFirst £11,850 = 0% = £0Remaining £15,750 = 20% = £3,150National InsuranceFirst £7,956 = 0% = £0Remaining £19,644 = 12% = £2,357So that’s a combined deduction of £5,507 (US $7,003), around 25%, meaning that the employee gets £22,093 (US $28,093) in the hand.I guess only an American on a similar salary can say whether that counts as “heavy taxation,” but we have to consider that UK residents are entitled to by law, such as (not an exhaustive list):A minimum of 28 days Annual Leave at full payUp to 52 weeks of Maternity Leave, the first 6 weeks at at least 90% of full pay, next 33 weeks at Statutory Maternity Pay (£145.18 per week or 90% of normal pay if less than this), remainder unpaid, many employers will pay more, e.g. a combination of full pay, 90%, half + SMP, and SMP, up to 50 weeks of unused Maternity leave can be transferred to partner as Shared Parental Leave - employers will usually mirror own maternity pay levels, matched terms for adoptionTwo weeks of Paternity (or partner) Leave at Statutory Paternity Pay (£145.18 per week or 90% of normal pay if less than this), many employers will pay more, up to full pay, matched terms for adoptionChild Benefit at £20.70 per week for first child, plus £13.70 for each additional child, for households where no single adult is earning more than £50,000Full NHS healthcare coverage, free at the point of use, with modest prescription charges of £8.80 per item (regardless of item cost) in England only (free in Scotland, Wales, and Northern Ireland), children, pensioners, pregnant mothers, and those with and certain conditions (e.g. insulin-dependant diabetes, epilepsy requiring anti-convulsive drugs, etc.) are exempt from all such charges, patients requiring regular prescriptions can pre-pay at £29.10 for three months or £104 for a year (unused months can be refunded if patient become exempt on other grounds)I guess the last one is what would make the real difference in comparison to the average American. No additional health insurance is needed, nobody is tied to an employer for fear of losing their health coverage, no bar to coverage due to pre-existing conditions, no financial limit on treatment, regardless of previous use, no co-pay, children get full coverage, not linked to parents. Medical bankruptcy is not a thing in the UK.ETA: According to the page below, the average American is spending $10,345 on healthcare in 2022. which equates to £8,135. That’s 48% more than the above average British worker is paying in income tax and NI combined. The article also gives the cost of health insurance as $3,852 (£3,029) for an individual, and $9,996 (£7,861) for a family. That’s equivalent to either 55% of a British workers income tax/NI, or 71% for each of two adults both on the same average salary in a household with children. If someone actually gets ill, they’d still be looking at deductibles of $4,358 (£3,427) for an individual, and $7,983 (£6,278) for a family - 62% and 57% of average income tax/NI.Whichever way you cut it, from a British perspective, these are horrific additional costs, which not just even out, but pretty much steamroller any advantage Americans may think they have for not paying “heavy” taxes.Here's how much the average American spends on health care
If I receive a health care coverage questionnaire from my current provider, am I required to fill it out?
I can't say whether you would be contractually obligated. It's a very good idea to complete the survey and send it in as the carrier may put claims processing on hold for you until it receives your updated information. This means your providers won't get paid and when they don't get paid it's you they will be looking for.The insurance company sends these questionnaires because when someone has more than one form of insurance the different carriers take on roles • primary, secondary, tertiary, etc. The primary carrier pays first according to the terms of the policy. The secondary company will pay second, but they will only consider what's left after the primary pays.For example, let's say your ER visit was $2000. Your deductible is $1000 with the primary carrier and the primary insurance pays $1000.Your deductible with the secondary insurance is only $500. The secondary carrier is now looking at a bill for $1000. They pay $500.In the end, you paid $500, primary paid $1000, and secondary paid $500.If you only gave the provider information on your secondary insurance, they would be billed that while $2022 (as the ER wouldn't know about your other coverage). The secondary carrier, knowing they're second, will insist it's sent to the primary carrier for payment first.If they don't know there's a primary carrier, this becomes a very different financial situation for them • instead of $500, they pay $1500! That's your full bill less the $500 you pay out of pocket.Not knowing about the primary carrier just cost the secondary insurance an additional $1000.It's for this reason that they keep sending you questionnaires, and for this reason that they could hold off on processing your claims if you don't respond. In the end their goal is to save as much money as possible by making sure that they don't pay anything for which they aren't liable.
How can I find out how quitting my job would affect my health coverage?
May not help a lot but COBRA coverage will be 102% of the employer and employee premiums currently paid.You could also quote individual plans with carriers in your area to compare to this.
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