How to get coverage in the 2018-19 year
The 2018-2019 season is only two months away, and the odds are high that your health insurance policy won’t be in place until 2020.
With that in mind, here are the best ways to get covered in the new year.
Get covered before your deductible hits The 2018 tax year begins on January 1.
If you haven’t filed your 2018 federal tax return by then, that means you can’t qualify for an employer-sponsored health plan in the future.
The good news is you don’t have to wait until 2019 to start collecting coverage through the new tax year.
That’s because the new 2018 tax law includes the same coverage as the 2017 law, but with an increase in the cost of coverage.
To qualify, you must have earned $110,000 for 2018 or less and meet income-based premiums.
Your deductible will also be $2,000 higher than under the 2017 tax law.
To get coverage, you have to have at least $110 in 2018.
The 2018 2018-27 plan also includes an increase to the deductible.
The employer must pay at least 10% of your monthly premiums.
The 2019 plan will have a $100 increase, but the deductible is unchanged at $2.50.
If the deductible exceeds $2 a month, your coverage will be limited to $30,000 per year.
Get coverage from a single employer The employer-based plan offered by your employer will be your best bet for covering your deductible, your premium, and other costs.
The individual market will offer a single-payer plan with a lower deductible, but no co-pay.
Both plans are available through the federal marketplace.
The new 2018 law includes a new subsidy that will allow your employer to pay your premium out of a tax-free savings account (TFSA).
The new 2019 tax law doesn’t provide the same subsidy, so it’s best to consider your employer before taking this step.
The best way to get a plan is to apply through your employer’s tax department.
Get a COBRA waiver You have the right to a CObra waiver.
The waiver allows you to continue using your coverage even after you’ve reached your deductible.
You can apply for a waiver at any time and may not have to do so again for the rest of your coverage.
If your deductible is more than $2 per month, the employer may be able to negotiate a lower rate.
For the 2019 plan, the company can negotiate a rate that’s no less than $5 per month.
Keep a record of your medical expenses You can also keep a record on your medical bills, along with the amount you pay for them, in the health plan’s electronic records.
To be eligible, the medical bills must show the type of coverage, how much it covers, and how much of your premiums you pay.
The medical bills you have on file are not a record, but will be accessible to the insurer, which will be able see how much your medical costs are.
File your 2019 tax return and file your 2018 tax return If you’re eligible for a tax credit, you can claim the full amount of the tax credit and still qualify for a new tax credit.
If not, you’ll be allowed to claim the credit for a certain percentage of your 2018 premiums.
You’ll also be able file your 2019 taxes on time.
Find out if you qualify The 2018 and 2019 tax plans are identical, but some of the benefits are different.
The benefit for 2019 plans is that your deductible can be lowered by an amount equal to half of your premium.
The plan’s cost-sharing requirement for 2018 is a flat dollar amount, which means you’re able to lower your premium if you have coverage at the same time.
The 2017 tax plan has a similar benefit, but you must pay the full cost of your plan to get the lower deductible.
Check out your medical records You can access your medical files in your tax return, which can show you the medical history of your health care provider.
You also have the option to look up medical history from other sources, such as your employer.
Check your coverage options If you’ve received an employer mandate, you may have to choose between coverage options.
Depending on your coverage status, you might have to pay more for coverage or get a cheaper plan.
If, for example, you are a family member of someone who is enrolled in the same plan as you, you will have to decide whether to continue with the same policy or switch plans.
You will also have to file your tax returns to switch plans, so you can continue to receive the same benefits.
If that’s the case, the 2018 tax plan will include a reduction to the cost-shared subsidy that would help you pay less for your health coverage.
You may also have an option to get out of your COB