Monday, January 21, 2019
Open enrollment 2018 ACA Colorado
Open enrollment is over for 20018, in Colorado, how ever if you have a Life Event problem during the year, please call me Jo Anne Bly 719-434-2015
Tuesday, January 1, 2019
Do's and Don''ts of Helping Loved Ones Pay Medical Bills
By Mathew Perrone, AP health writer
Relief from medical debt doesn’t top the typical holiday wish list. But help with unexpected medical bills could be a welcome gift for millions of Americans.
Four in 10 U.S. adults received a surprisingly high medical invoice within the last year, according to a September survey from the nonprofit Kaiser Family Foundation. And medical bills topped the list of financial commitments that Americans are afraid they won’t be able to afford, ahead of prescription drugs, rent or gas, according to the results.
Here are some tips for helping a loved one with their medical expenses — and potentially lowering your own tax bill along the way.
WHO GETS THE MONEY?
When helping someone shoulder medical bills, financial experts say the most important step is to make sure you pay the money directly to the hospital, physician or medical provider. Those payments are exempt from federal reporting and tax requirements, but only if they go to the business or person that provided the service.
“You can’t give the money to your neighbor and then have them pay their own expenses,” explained Melissa Labant, an executive with the American Institute of Certified Public Accountants.
Payments to friends or family members exceeding $15,000 per year must be reported as a gift to federal tax officials, who track them as part of lifetime gift limits. The vast majority of Americans will never have to worry about reaching the threshold: You can give up to $11.4 million to an heir or loved one before having to pay any federal taxes, under 2019 tax rules.
CAN YOU DEDUCT THE PAYMENTS FROM YOUR OWN TAXES?
Only for certain medical expenses and only for dependents.
They must be a family member or part of your household, which can include grandparents, cousins, in-laws and adopted children. You must also show that you provide at least 50 percent of their financial support, which can include the value of housing.
If the person meets those requirements, you can deduct medical expenses exceeding 10 percent of your annual gross income from your tax return. So an individual earning $100,000 in 2019 could deduct medical expenses over $10,000.
Those sky-high expenses usually only occur in the last year or two of life, according to Labant.
“That’s when the numbers get big enough and make enough of a difference that the accountants hear about it,” she said.
WHAT EXPENSES QUALIFY?
When it comes to medical expenses, tax law is very broad, encompassing just about anything used to treat, diagnose or prevent a medical condition: surgery, rehabilitation, prescription drugs, eye glasses, weight loss programs and even quit-smoking aids are included.
Cosmetic procedures and over-the-counter medications generally do not qualify.
SPENDING AND SAVINGS ACCOUNTS
Employer-sponsored accounts can be another way to pay for medical expenses, though there are important limitations.
Many companies offer health savings accounts or flexible spending accounts, both of which allow employees to set aside tax-free money for medical expenses.
Health savings accounts are considered superior, allowing a family to contribute up to $7,000 in 2019, collect interest and roll over any leftover money to the following year.
Flexible spending accounts are similar but cap contributions at $2,700 next year. Generally, the money is “use it or lose it,” with any leftover funds forfeited at the end of the year. However employers can permit workers to carry over up to $500 to the next year.
Health savings accounts are “much better, hands down, because you get the same pretax contribution, but it rolls over every year,” says Chris Schiffer, an accountant and financial planner with AEPG Wealth Strategies.
Plans vary, but generally money from either type of account can only be used for yourself, your spouse or a dependent.
Tuesday, December 18, 2018
Thursday, October 11, 2018
Flue Shot Time!
The Centers for Disease Control and Prevention (CDC) is once again recommending FluMist Quadrivalent for vaccination against common influenza virus strains.1 The intranasal live attenuated influenza vaccine (LAIV) protects against four flu viruses: an influenza A (H1N1) virus, an influenza A (H3N2) virus, and two influenza B viruses.2
During the last two flu seasons FluMist was not recommended, because prior studies indicated it was not as consistently effective as the injectable inactivated influenza vaccine (IIV). But new analysis shows that while the injectable is more effective against H1N1 when compared with FluMist, they are equally effective against H3N2 and the two influenza B viruses. And with child influenza-related deaths at an all-time high last year, the CDC hopes that having FluMist as an option may boost vaccination rates.3 This is echoed by the American Academy of Pediatrics who, although recommend the injectable as the primary choice for vaccination, agree that it offers an alternative option for those who would not otherwise be vaccinated.4
For treatment of influenza cases, a new antiviral is in review by the Food and Drug Administration (FDA), with an expected decision date of December 24, 2018.5 Baloxavir marboxil, developed by Roche and Shionogi and recently approved in Japan, is for treatment of influenza infection in people 12 years old and older. It is given orally as a one-time dose, and kills influenza A and B viruses within 24 hours. The antiviral reduces the time span until the patient stops shedding the virus – with great potential to limit the spread of influenza.
Wednesday, October 10, 2018
Pumpkin Dragon Sushi Good to Eat
Whether you love it or hate it, there is no denying it’s Pumpkin Spice Latte season. But that’s not where the pumpkin party needs to end. There are plenty of places in the Denver area serving up dishes and drinks that incorporate the fall favorite. Here are some to try:
Pumpkin pie, a sweet fall classic, is on 12 @ Madison‘s menu. This personal-sized pie is served with bourbon-praline sauce, pecan crumble and soft cream. ($9) 12 @ Madison, 1160 Madison St, Denver. 720-216-0190; 12atmadison.com
Pumpkin sushi may be proof that pumpkin can go in just about anything. Sushi Rama, Chef Jeff Osaka’s conveyor belt sushi restaurants, will be rolling out The Pumpkin Dragon Roll, a sushi roll made with Japanese pumpkin tempura, marinated kelp and topped with avocado and a honey glaze. Sushi Rama; sushi-rama.com; RiNo, 2615 Larimer St, Denver. 720-476-4643 DTC, 4960 S Newport St, Denver. 720-667-1195 Lone Tree, 10012 Commons Street, Bldg C, Unit 106, Lone Tree, 303-537-5250
Breckenridge Brewery‘s Nitro Pumpkin Spice Latte is on tap and ready to be paired in the Farmhouse Restaurant. Additionally, Avery Brewing‘s Rumpkin, a “monstrous pumpkin ale,” is available through October in the tap room and brewery. Farmhouse Restaurant at Breckenridge Brewery, 2990 Brewery Lane, Littleton. 303-803-1380; breckbrew.com. Avery Brewing, 4910 Nautilus Ct, Boulder. 303-440-4324; averybrewing.com
Pumpkin Spice Lattes, Pumpkin Harvest Grande Griddlecakes, Pumpkin Creme Muffin and Pumpkin Pie Cheesecake will be available at Mimi’s Cafe locations through Nov. 11 in celebration of the flavors of fall. Mimi’s Cafe, various locations, mimiscafe.com
In celebration of National Pumpkin Day October 26, Cured, Boulder’s gourmet market and cheese shop, will be serving a pumpkin grilled cheese made with a variety of Cured’s signature hand-picked cheeses and house-made pumpkin butter. Cured, 1825 Pearl St., Boulder, 720-389-8096; curedboulder.com
Premiums for 2019 Health Care Colorado
Friday, September 28, 2018
Colorado Valued Stakeholders
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