Marketplace Open Enrollment
  • November 27, 2015
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Open Enrollment Period is the period of the year in which US citizens can enroll in a health insurance plan. The enrollment period for calendar year 2016, is November 1, 2015, to January 31, 2016. Failure to enroll, also as minimum essential coverage (MEC) during this period, may result in a penalty. Exceptions may apply if the insured qualifies for the Special Enrollment Period, or else they are not eligible to enroll for a health insurance plan in 2016. Let us take a look at three important tax considerations one must pay heed to at the time of marketplace open enrollment.

Advance Credit Payments

Individuals or families eligible for Advance Premium Tax Credit can lower their monthly insurance premiums by using part or all of their estimated credit. The amount that one saves, by using tax credits, is known as advance credit payment or advance payment of premium tax credit. To find out whether you are eligible for advance premium tax credit, you need to visit the official website of IRS.

Tax Return

Even if you are not required to file a return, it is important for you to file it if you receive advance credit payment benefit. You must do so to reconcile the amount of your actual premium tax credit with the advance payment tax credit made on your behalf to pay your Insurance premium. In case the advance payment tax credit is more than the actual premium tax credit you are eligible for, you would be required to repay the excess at the time of filing returns.

Premium Tax Credit

In addition to advance credit payment, premium tax credit is another solution to lower insurance premiums. If you do not claim advance premium tax credit, you can claim a deduction of an equivalent amount from your tax liability, at the time of filing tax returns. Therefore, premium tax credit helps you to lower tax liability or increase the refund that you receive from the IRS.

A Word of Advice

Make sure you provide all the necessary information to the Marketplace that is required to estimate your credit. The information you’re required to furnish includes your projected household income, information about your family composition, whether the ones you are enrolling are eligible for other non-marketplace coverage, and more. If you fail to or intentionally, provide information that is incorrect or misleading, you may receive a notice from the IRS. Having detailed information will ensure accuracy and streamline your experience.

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What Our Clients Have to Say

Susan WilsonSusan Wilson
03:27 25 Jan 23
I have been very pleased with the solid counsel and guidance that Nick Nemeth has provided me regarding my tax issue. I found him to be honest and straightforward which I appreciated. I was impressed with his relevant experience and knowledge . He has definitely brought me peace of mind during a difficult and stressful time.
Sarah HowardSarah Howard
03:44 14 Nov 22
I would like to thank Mr. Nick and his staff for the superb help that I received from them. My IRS problem was resolved quickly and efficiently. It took 2 visits to convince me that I was over my head. I thought that I could call the IRS, appeal my tax notices and settle on a payment plan on my own. After many phone calls to the IRS, waiting sometimes more than 4 hours with no resolution to speak of, it proved to be extremely difficult and stressful. Revisiting Mr. Nick was a huge wake up call. My account was reviewed, and a payment plan was established with the IRS within a week. I will be forever grateful to the staff who worked on my case and especially to Lorna who listened to me vent while going through this painful process.
00:33 07 Aug 22
I cannot say enough good things about Nick and his team. When I first met with Nick he was up front, honest, friendly and efficient. When I worked with one of his attorneys, Eric B, I was just as pleased. All of the staff there are nice and very helpful. I wish I hadn't waited so long to get help with my issue. Over 6yrs I tried getting through and getting anywhere with the IRS and hardly made any progress. I know this may not be the case for all, and even I thought it would take longer than it did, but 3mos and they had my situation straightened out. I still can't believe it. Thank you thank you THANK YOU for all that you did for me. This is a huge burden gone out of my life now thanks to you. If anyone needs help out there, I know you may not want to shell out more money to get their help but it may just save you in the long run.
Spoilly GirlSpoilly Girl
23:49 03 Aug 22
The Nemeth Law team is exceptional. They treat their clients like a family member who is in crisis. They want you to get the best possible outcome. I really appreciate everything that they did for me. Jake and Ashley had the greatest role in my case and it all turned out for the best for me. Thank you Nick and team for easing my fears and getting me through the long process. I'm truly grateful.
Eddie WaltEddie Walt
19:44 12 Jul 22
During a time in which competent, professional service at a fair price seems to have disappeared, Mr. Nemeth and his team are a refreshing breath of fresh air.From my first phone call to the final settlement of our case with a non-responsive IRS, they under-promised, over-delivered and were in constant courteous contact to make sure we knew exactly what was happening and where we stood.I hope to never need their services again, but, should I receive another friendly letter from the IRS...I know who to call!
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