Just In – The Open Enrollment period for 2017 major medical health insurance coverage will begin November 1, 2016 and run through January 31, 2017. During this period of time anyone can enroll in a qualified health insurance plan or make changes to an existing plan. It is never too early to mark your calendar, save the date now!
Did you have health insurance coverage in 2015? If you did, you will need to indicate this when you file your 2015 federal taxes. If you were enrolled in a health plan in 2015 through REALTORS® Insurance Marketplace, another marketplace, or a state or federal marketplace, you will receive a tax document in the mail. It’s called Form 1095-A. This form will come directly from the carrier of your major medical insurance. When this form arrives in the mail keep it with your tax records; it will include information needed to complete your 2015 federal tax return. Wait to file your 2015 taxes until you receive this form.
Note: carriers only send Form 1095-A for qualified major medical insurance plans. If you had other health care coverage, (i.e. through your employer, Medicare, Medicaid or Children’s Health Insurance Program (CHIP), you may get a different form, or none at all. If everyone in your household had coverage for all of 2015 through one of the previously indicated health care programs you will need to check a box on your 2015 federal income tax form indicating you had coverage for the full year of 2015.
Did you not have health care coverage for some or all of 2015? The law under the Affordable Care Act specifies that you must have health insurance. If you were able to afford health care coverage, but chose not to enroll you may be required to pay a penalty. If you were unable to afford health care coverage due to a hardship then you may be eligible for an exemption. The penalty for not having health insurance in 2015 was up to 2% of your annual household income. More information on determining if you may be eligible for an exemption can be found here.
Did you have coverage and receive financial assistance in paying for that coverage for 2015? If so, you must file a 2015 tax return and report the amount of financial assistance you received. If you do not file a tax return for 2015 and you received assistance you will not be able to receive the same financial assistance in the future.
Still unsure how your health insurance affects your 2015 taxes? The IRS offers free software and in-person assistance for those who qualify. Click here to determine if you qualify, or here to see if there is an in-person location near you.
For more information regarding these topics click here.
Be advised, we are not tax advisors and cannot provide advice on your individual tax return. The above information is provided for consideration when preparing your 2015 taxes. If you need assistance preparing your taxes, please contact a professional tax advisor and reference this information upon consultation.
We are excited to announce the addition of two new products to the REALTORS® Insurance Marketplace platform!
The first new benefit available exclusively to NAR members is Members TeleHealth, a telemedicine service plan that transforms your healthcare experience through online and on-demand access to a doctor via telephone, smartphone or tablet app, web chat, and/or email. Are you busy and don’t have time to wait for a doctor’s appointment? Perhaps you’re traveling, or your child is ill in the middle of the night. Skip the waiting room and see a doctor in minutes.
Members TeleHealth provides you with 24/7/365 access to MDLIVE, a network of 2300+ U.S. Board certified physicians who can diagnose, recommend treatment, and prescribe or refill prescriptions* (when appropriate) for routine conditions. Telemedicine is one of the hottest new trends in digital medicine. Top companies have been making MDLIVE plans available to their employees as a time and cost saving benefit, and now busy REALTORS® have access to the same service!
- A convenient way to address non-emergency medical issues with unlimited visits and no co-pay
- Average length of time from booking to appointment is 22 minutes
- Individual and family coverage available** to all active NAR members
- Common ailments treated include allergies, asthma, cold, flu, fever, headache, rashes, diarrhea, joint or muscle aches, urinary tract infections, vomiting, infections, nausea, pink eye, sore throat, and others
- Learn more!
The second new member benefit we are excited to announce is the addition of Accident Deductible Protection to the Marketplace platform. This supplementary health plan is designed to be used in conjunction with a qualified major medical plan as part of a cost-savings strategy. Does your qualified Major Medical health insurance policy have a high-deductible, and are you worried about that high deductible? Many of you have increased your health insurance deductibles to lower your insurance premiums. Accident Deductible Protection is a great supplement to your Major Medical plan and can help by lowering the out-of-pocket medical expenses which can be incurred through accidental injury.
- Excess Accident Medical Expense Benefits with maximum benefits ranging from $1,000 to $10,000
- Individual and family coverage available** to NAR members under the age of 65
- Exclusive group discounted rates
- Bonus! Accident Deductible Protection includes a complimentary subscription to Members TeleHealth.
- Learn More!
* MDLIVE does not guarantee that a prescription will be written. MDLIVE does not prescribe DEA controlled substances, non-therapeutic drugs and certain other drugs which may be harmful because of their potential for abuse.
** Based on eligibility (age, active NAR membership, and state and territory availability).