Top 3 Things to Know about Health Insurance When Filing Your Tax Return This Year

Unfortunately, many people AND accountants are not aware of the healthcare insurance rules/laws so we are providing information to everyone.

1.) Prior to Trump taking office, the previous administration required you to have health insurance that met MEC (Minimum Essential Coverage). Regardless of what your tax advisor told you, or your accountant, or your next store neighbor’s best friend, YOU DO NOT NEED TO HAVE AN OBAMACARE PLAN TO MEET MINIMUM ESSENTIAL COVERAGE.
2.) The IRS is the Federal Agency administering the fine and you can scroll down to the link, to see there are several ways to meet MEC
3.) The aforementioned, are PREVIOUS ADMINISTRATION rulings. The Trump administration signed an executive order on 1/20/17 to lessen the financial burden of Obamacare. With this executive order, the IRS (on 2/15/17) announced you NO LONGER need to fill out line 61 on your tax return stating whether you have health insurance or not, that is now OPTIONAL.
Now Please keep in mind, the IRS is tricky with their wording on this, stating that you can still be fined if applicable. If applicable means if you still put NO for not having health insurance, the IRS will fine you. If you leave it blank or put in YES you will not be fined.
For more information on reporting MEC: https://www.irs.gov/affordable-care-act/individuals-and-families/individual-shared-responsibility-provision
For more information on the Executive Order: https://www.libertarianinstitute.org/economics/major-blow-obamacare-mandate/

These are the FACTS, anything else you hear or are told, is not true………For those of you, who do pay someone to do your taxes, and they are not aware of these very important rules, you may want to consider shopping around.
SVL Insurance Group
“It doesn’t need to be complicated”