“Food is medicine,” says the U.S. Health Department. “Not so fast,” says the IRS. Caught in the middle: U.S. consumers with dietary issues that require special foods or dietary supplements. And unless Congress intervenes, it’s going to be up to the Tax Court to work things out. Here’s what’s happening, and how it could affect you. Background For many years, Congress has allowed taxpayers to partially deduct certain medical and dental expenses against their ordinary income for the year. The same goes for health savings accounts (HSAs), flexible spending accounts (FSAs), and Medicare Advantag ..read more

Caps on drug prices seem like a nice idea… if you don’t think about it very much. After all, who could be against more affordable drugs, right? And that’s the reasoning behind the recent decision of the Colorado Drug Affordability Board to move to cap the price of Enbrel, an Amgen-manufactured drug used to treat rheumatoid arthritis. Several other states have set up similar boards. But if Colorado goes through with it, it would be the first state to impose a drug price cap at the state level. FREE QUOTE COLORADO HEALTH INSURANCE The Problem With Price Caps Government-imposed price contro ..read more

Since Medi-Share is a health sharing organization, and not a traditional Affordable Care Act-qualified insurance product, your monthly membership costs are not deductible on your individual income tax return. However, since Medi-Share saves up to 50% compared to the unsubsidized cost of a traditional health insurance product, it’s often worthwhile to drop health insurance in favor of Medi-Share or other health sharing plans. This is true even though Medi-Share and other health sharing programs do not qualify for a tax deduction. FREE QUOTE COLORADO HEALTH INSURANCE About Medi-Share With ..read more

If you’re a business owner, an independent contractor, or have verifiable self-employment income, we have great news for you: It’s now finally possible to combine a money-saving health sharing plan with the amazing tax benefits of contributions to a health savings account (HSA). Here’s how: Simply purchase a smaller policy called HSA MEC. How It Works The term “MEC” stands for Minimum Essential Coverage. These low-cost mini health plans offer basic preventive care and access to telemedicine service for zero out-of-pocket cost. They are affordable, hassle-free, and designed to meet the minim ..read more

Rating the best health insurance in Colorado. Comparing Rocky Mountain Health Plans vs. Anthem Blue Cross Blue Shield or Colorado. The Best Health Insurance in Colorado Anthem BCBS and Rocky Mountain Health Plans RCHP are two of the leading health insurance options available to Colorado residents. Each of these carriers has advantages and disadvantages. Health insurance is not a one-size-fits-all solution. If you’re a Colorado resident looking for an Affordable Care Act-Qualified health insurance solution for yourself, your family, or for the employees of your small business, this article is ..read more

Lots of people have access to an HSA account, but don’t get the full value out of these amazing wealth accumulation vehicles. How to Get the Most Out of Your HSA Account Why? They make these four common Hsa account mistakes: They don’t contribute enough – effectively wasting the opportunity. They don’t use their HSA to pay for qualified medical expenses. HSA funds can be used for a wide range of medical expenses, including doctor’s visits, prescriptions, hospital stays, some preventive care, and even for medically necessary vehicle and home modifications. They leave their HSA assets in c ..read more

Health Savings Accounts (HSAs) offer a unique opportunity to manage healthcare expenses efficiently. But not everyone is eligible to contribute. Learn about this years HSA eligibility criteria. 2024 HSA Eligibility Criteria In this post, we’ll explore the eligibility criteria for contributing to an HSA and how HSA MEC plans can be a game-changer for those covered by health sharing plans. What is a Health Savings Account? A Health Savings Account is a tax-advantaged account designed for individuals with high-deductible health plans (HDHPs). They offer a triple tax benefit unmatched by any ot ..read more

Health sharing plans—a more affordable alternative to increasingly expensive traditional health insurance—are rapidly gaining in popularity. But they are often misunderstood in the mainstream media. Keep reading to learn the myths and misconceptions about health sharing. Myths and Misconceptions about Health Sharing Health sharing is a community-based, non-profit approach to helping individuals and families absorb the high cost of health care. Health sharing organizations are voluntary associations of like-minded individuals who agree to help bear the medical expenses of fellow plan members ..read more

The Connect for Health Colorado deadline expired on January 15th. That was the last day most Coloradans could sign up for a subsidy-eligible Connect For Health Colorado health insurance plan with guaranteed enrollment privileges. But don’t worry: You still have options. You and your family don’t have to go completely without a health plan in 2024. Depending on your situation, here are some actions you can take to get some protection against the high cost of healthcare in place this year – even outside of Open Enrollment. FREE QUOTE COLORADO HEALTH INSURANCE Option 1: Qualify for a Speci ..read more

The Connect for Health Colorado deadline expired on January 15th. That was the last day most Coloradans could sign up for a subsidy-eligible Connect For Health Colorado health insurance plan with guaranteed enrollment privileges. But don’t worry: You still have options. You and your family don’t have to go completely without a health plan in 2024. Depending on your situation, here are some actions you can take to get some protection against the high cost of healthcare in place this year – even outside of Open Enrollment. FREE QUOTE COLORADO HEALTH INSURANCE Option 1: Qualify for a Speci ..read more