Health Care Taxes 2015

The end of the tax year is fast approaching. This means we need to have all of our ducks in a row or the great big giant IRS monitor will come after you! So with this in mind I wanted to pose the question, “are you prepared for your 2015 tax year?” More in particular, with reporting your health insurance?

What I mean by this is simple. If you purchased or obtained your health care through the governments healthcare marketplace, then you will most likely have a strict accounting with your taxes that you file for 2015. If your current job status and/or finances remained the same the entire year, then you should be fine. But, if you made an increase on salary or hourly wage, you will most likely owe the government more money to cover the difference in the discount they provided you up front. Hardly seems fair to me, but this post is not about fairness, but rather being educated and prepared for the nearby future.

What does upset me though, (ok, I buckled under my own pressure and will vent for a quick minute here) is that we are by no means a wealthy family. Through the supposed healthcare marketplace, we were supposed to be getting a greatly discounted rate/monthly premium for the entire family. We were told that we qualified for a $300/month discount making the cost for a fairly decent policy around $650/month. So as the end of the year is fast approaching, we get a letter from our insurance company saying our premium is going up $300 more dollars per month next year! WTF?!

I do not understand just how this is even legal. It seems like extortion to me. More of a bait and switch tactic. I also understand that the greedy health insurance companies are most likely forced to this because of the governments forced health care reform. So it is pointless to continue blaming who’s fault it is. The only thing we can do to fight back is to be educated as to what is going on and make educated decisions from there. What is really sad is that currently, the most cost affordable thing to do is pay the government’s fine for not being insured! Seems counter-productive to me! This healthcare reform of ours needs to stop fast! We need to be able to self regulate and not be charged so much for sub par coverage!

Take this information as a cautionary warning sign as it hopefully helps you navigate your way better through the upcoming tax time. Please feel free to leave any comments to add or take away from this blog. I always welcome the most recent and correct information!