Blog Layout

ACA open enrollment starts November 1st

Oct 09, 2023

For individuals looking to enroll in a health insurance plan during the Affordable Care Act (ACA) open enrollment period, here are some key things to know and steps to prepare:

1. Understand open enrollment dates: The open enrollment period typically begins on November 1st and ends on December 15th in most states. However, some states may have extended enrollment periods, so check your state's specific dates.


2. Review your current plan: Evaluate your current health insurance coverage, including deductibles, premiums, copayments, and network providers. Consider whether your needs have changed since last year and if your current plan still meets your requirements.


3. Determine your eligibility: Confirm if you and your family members are eligible for the ACA, as qualifying individuals can receive financial assistance or qualify for Medicaid. You can check your eligibility on the ACA marketplace website or consult with us.


4. Research available plans: Familiarize yourself with the types of health insurance plans available through the ACA marketplace. Understand the differences between plans, including the coverage levels, networks, and costs associated with each option.


5. Assess your healthcare needs: Consider your anticipated healthcare needs for the upcoming year. This includes regular check-ups, prescription medications, specialist visits, and any ongoing conditions or treatments. Evaluate your healthcare utilization from the previous year to get an idea of what coverage level and benefits you may need.


6. Estimate your budget: Determine the premium amount you can comfortably pay each month. Consider other financial obligations and factors like deductibles, copayments, and out-of-pocket maximums. Balance your monthly premium with potential out-of-pocket expenses to find a plan that fits your budget.


7. Gather necessary information: Prepare essential documents and information needed for the enrollment process. This may include social security numbers, birth certificates, proof of residency, income information, and any other relevant details for each person in your household.


8. Seek assistance if needed: If you find the process overwhelming or have questions, reach out. We can guide you through the enrollment process, explain your options, and help you make an informed decision.


9. Enroll within the designated period: Be sure to enroll during the open enrollment period to secure coverage for the upcoming year. Don't miss the deadline, as late enrollment may result in penalties or waiting until the next open enrollment period.


Remember that open enrollment is the designated time to enroll in or switch health insurance plans under the ACA. Outside of this period, you may only be eligible for enrollment in certain situations, such as qualifying life events or special enrollment periods.

By Dion Cruz 07 Mar, 2024
In the bustling world of new families and ambitious business startups, managing finances and navigating the complexities of tax preparation can seem overwhelming. This is where I step in. As a tax preparer with IMG and over 20 years of expertise in guiding individuals and small businesses through their tax preparation and financial planning, my mission is to illuminate your financial path. My approach is designed not just to address your immediate needs but to lay a foundation for lasting prosperity. Personalized Advice Tailored to Your Unique Needs Your financial situation is as unique as your fingerprint. Whether you're navigating the joys and challenges of a new family or steering the ship of a fledgling business, generic advice simply won't cut it. I offer personalized tax and financial advice, meticulously crafted around the intricacies of your finances. My deep understanding goes beyond what any software can comprehend, ensuring decisions are not just informed, but also perfectly tailored to your situation. Proactive Tax Planning: More Than Just Tax Season Support Think of me not just as your tax season savior, but as a year-round partner in your financial wellbeing. Unlike tax software that guides you through the motions, I delve deep into proactive tax planning strategies. From optimizing deductions and credits to uncovering opportunities to minimize your tax liability, my approach is designed for your long-term benefit. With me, it's not just about filing taxes; it's about setting the stage for future financial success. The Comfort of Ongoing Support and Relationship Imagine having a financial expert in your corner, ready to answer your queries or address concerns not just during tax season but throughout the entire year. This ongoing support and relationship with me and the rest of the IMG team means peace of mind for you. It allows you to focus on what truly matters—be it growing your business or nurturing your family—knowing your financial and tax matters are in capable hands. Audit Assistance: Your Shield in Challenging Times Though audits are rare, they can be daunting. I stand by you, armed with an intimate understanding of your financial history, to navigate through these challenging times. My expertise in audit preparation, representation, and guidance can not only alleviate stress but also mitigate potential penalties. Saving Time, Enhancing Life Time is your most precious resource. While tax software may promise speed, the reality can shift dramatically with the complexity of your finances. By entrusting your tax preparation to me, you free up invaluable time. Time that can be invested in growing your business, spending with your loved ones, or pursuing your passions. Let's Take the Next Step Together Embarking on your financial journey with me and the IMG team means more than just tax preparation; it's about securing a brighter, more secure financial future for you and your loved ones. With two decades of experience at your disposal, the path to informed decision-making, financial optimization, and peace of mind has never been clearer. Schedule a consultation and meeting today. Let's explore how we can turn your financial goals into reality.
10 Oct, 2023
1. Personal Information: - Social Security numbers or Taxpayer Identification Numbers (TINs) for yourself, your spouse, and any dependents. - Any changes in your address, marital status, or dependents. 2. Income: - W-2 forms for each job you worked during the tax year. - 1099 forms for any freelance work or self-employment income. - Income documents related to rental properties, investments, or retirement accounts. - Alimony received or paid, if applicable. - Unemployment income statements, if applicable. - Any other relevant income-related documents. 3. Deductions and Credits: - Receipts and records for deductible expenses, such as medical expenses, charitable contributions, mortgage interest, and property taxes. - Documentation for any education-related expenses or student loans. - Records of business expenses if you are self-employed. - Home office expenses, if applicable. - Information on any health savings accounts (HSAs) or other eligible tax-advantaged accounts you contributed to. 4. Investment and Retirement Accounts: - Forms 1099-B or year-end statements from brokers or financial institutions reporting sales of stocks, bonds, or mutual funds. - Records for any capital gains or losses. - IRS Form 5498 for contributions made to Individual Retirement Accounts (IRAs). - Statements for any other retirement accounts, such as 401(k)s or 403(b)s. 5. Health Insurance: - Forms 1095-A, 1095-B, or 1095-C to report health insurance coverage. - Records of any premiums paid for health insurance if you are self-employed. 6. Other: - Documentation for any state or local taxes paid. - Records of any tuition or education expenses. - Documentation of any energy-saving home improvements, if eligible for tax credits. - Records of any estimated tax payments made throughout the year. Once you have gathered all the necessary documents, providing them to your accountant will help ensure a smooth tax preparation process. Additionally, make sure to communicate any significant life changes or events that may impact your tax situation to your accountant. It is important to consult with your accountant regarding specific documents they require for your tax preparation. They may have additional requirements or specific preferences.
Share by: