It’s Not Too Late to Avoid Tax Penalty for 2018

With the IRS tax deadline just around the corner, I thought it might be a good time to remind you that, while the federal mandate to have health insurance was recently rescinded, its repeal does not take effect until 2019. So, for the 2018 tax year, you may have clients who are still subject to the requirement and the potential of a tax penalty for non-compliance. Now is the time to consider that exposure.

Remember that some of these individuals still have a chance to avoid the penalty if they are eligible for Special Enrollment in a qualified health plan through the state-based exchange. There are a number of major life events that qualify an individual to secure health insurance coverage on the exchange, outside the standard Open Enrollment Period.

Qualifying life events include:

· Loss of Health Insurance

· Changes in Household Size

· Changes in Residence

· Other Changes in Personal Status

These are detailed in the AHIM fact sheet that you can review by clicking here. Don’t let any of your clients be caught off-guard in 2018. If you have questions about Special Enrollment opportunities, please feel free to contact me.

Another thing worth thinking about is the new work requirement for some Arkansas Works recipients that takes effect on June 1, 2018. Let me cordially invite you to attend a special meeting focused on these new work requirements and other timely issues. This is important information that you will want to make available to clients and prospective clients.

The meeting is sponsored by The National Association of Insurance and Financial Advisors (NAIFA-Arkansas) and is scheduled at Little Rock’s CALS Main Library on Thursday, May 3 from 1:30 to 4:30 p.m.

This meeting is your opportunity to hear directly from State leaders who are helping mold the future of health insurance in Arkansas. Special attendees will include Mary Franklin, Director of County Operations for DHS, along with other State officials and senior representatives of the State’s three marketplace carriers.

View the seminar flyer.

Your role is a vital one, and we want to help ensure that you have all the information you need to continue supporting your clients and constituents.

To reserve your place at the meeting, just click here to register. For more details or questions, call Dolores Chitwood at (479) 650-7543. You’re also invited to share this invitation with others who you feel might wish to attend and benefit from the information.

Follow AHIM on social media for marketplace updates and information. As always, I invite you to contact me with any questions regarding marketplace issues. You can reach me at bruce.donaldson@armarketplace.com or (501) 246-1527 if you have any questions about the 2018 plans or assistance that is available to you through the marketplace.