Jobs Magazine December 5 – December 11, 2014 | Page 14

IT’S NOW OPEN ENROLLMENT FOR
HEALTH INSURANCE ON KYNECT:
WHY NOT HAVE A TAX ACCOUNTANT/HEALTH CARE NAVIGATOR
CONSULTANT ASSIST YOU?
From Nov. 15, 2014 thru Feb. 15, 2014, it’s Open Enrollment for Health Insurance on Kynect.

Individuals are required under Federal Law to be covered by health
insurance, or pay the Individual Mandate Penalty.
The 2015 Individual Mandate Penalty is the GREATER of: 1) $325, or; 2) 2% of your Income (that’s your Modified Adjusted Gross Income minus your
combined Standard Deduction plus your personal exemption for yourself [your spouse if married] but NOT dependency exemptions) (or, $2,570, which is
the annual average premiums paid for a Bronze plan for a single individual, whichever is less).
Ex. You’re single, and make $25,000 in 2015. You don’t get health insurance. The Mandate Penalty for you is the GREATER of $325 or 2% of your income.
Your income for 2015 is calculated as follows: $25,000 - $6,300 (standard deduction) - $4,000 (personal exemption) = $14,700. $14,700 x 2% = $294.
Since $294 is less than $2570, which is the annual average premium paid for a Bronze plan for an individual, then use $294 for this part of the limit. Your
Mandate Penalty is the GREATER of $325 or $294, which means your penalty is $325 (the 2% of your income amount would be capped at $2,570, which is
the annual average premium for a Bronze plan for a single individual).
There are great bargains on Kynect. You can sign up, and get a health insurance plan where you’ll receive TAX CREDITS to help you pay your premiumssuch TAX CREDITS sent directly to the insurance company. AND, you’ll also get Govt Cost Help to pay your out-of-pocket expenses. You’ll get that Govt
Cost Help if your Modified Adjusted Gross Income (MAGI) is at or below 250% of the Federal Poverty Level, which, for 2015, is $29,175.

Chris Bush is a Tax Accountant/Health Care Navigator Consultant.

Bush can assist you in estimating the optimum Modified Adjusted Gross Income (MAGI) for 2015. Since MAGI is not just your income, but also reduces that
income for special expenses—like interest on student loans, or an IRA contribution, or even a contribution to a Health Savings Account- Bush can model
MAGI amounts for you which will give you the best tax credit amounts which can then be applied to your health insurance plan.
Bush will also review your employer’s plan: to see if that plan is a qualified plan, or maybe that plan is too expensive and not affordable, which would
allow you to sign up on Kynect or maybe on Medicaid.
Some folks will qualify for Medicaid. Bush can assist w/ Medicaid signups, too.
Some of your will be on the cusp: your MAGI will be borderline Medicaid or Exchange sign up, and Bush can assist you have the income needed to be get
on Medicaid or sign up on Kynect.
Chris Bush will also help you pick the best plan on Kynect—whethe