Your Health Insurance Choice May Affect Your Tax Refund

There are 3 ways that your tax refund can be affected by your health insurance choice.

1.  If you and your family have qualified health insurance.

You would just need to report on your tax form that you had qualifying insurance.

2. If you received help from the government to pay for your health insurance.

If you received the Advance Premium Tax Credit your tax return will be affected.  When filing a tax return you need to report it so the credit can be applied to your account.

If you under reported your income you may have to pay back some or all of you credit that you received. That means instead of getting a refund you may owe taxes or get a smaller refund! On the other hand if your income was less than you thought you might get a bigger refund.

How Health Insurance affects your Tax Refund

3. If  you don’t have any health insurance.

If you don’t have any health insurance, a penalty or exemption may be applied.

To find out if you qualify for an exemption, go to HealthCare.Gov and sign up for a marketplace account. When you sign up, you will find out if you qualify for an exemption. You might even find you qualify for low costs on coverage.

  • There are about 20 different exemptions, including hardship exemptions.
  • Some exemptions require documentation, some don’t.

If you plan to apply for an exemption, don’t put it off.  Waiting could slow down your tax refund. You have to fill out a form and wait for confirmation number before you can report the exemption.

If you don’t qualify for an exemption, you will have to pay a penalty (called Individual Shared Responsibility):

For 2014, the Individual Shared Responsibility is $95 per adult and $47.50 per child with a cap of $285 per family or 1% of your income, whichever is greater.

For 2015, the Individual Shared Responsibility jumps to $325 per adult and $162.50 per child with a cap of $975 per family or 2% of your income, whichever is greater.

What Happens If I Didn’t Pay the Penalty?

You will have to make an Individual Shared Responsibility payment on your income tax return for each month you didn’t have coverage.

What Happens to my Tax Refund If I Decide Not to Pay the Penalty?

The only way for the IRS to collect the penalty for not having health insurance is for them to withhold the money from your tax refund.

At Hollowbrook Foot Specialist, we want you to be educated in all parts of your healthcare. We are here to help with all your  foot or ankle related issues .

You can contact us at (845) 298-9074  or send us an appointment request via our web site.

By David Schlam


Your Top-Rated & New Favorite Podiatrist In Wappingers Falls, NY

Always arrive to a pleasant cheerful staff! They make you feel welcome and get you situated quickly! The Doctor is friendly and makes your feet feel great! I travel a bit to get to this office, but it is so worth it! The staff is always helpful and customizes my appointments to my needs!

- Bob D.

bob 5 star review

GREAT EXPERIENCE!!!! Very nice, friendly, and thorough doctor. Wonderful staff too! Very clean office. They fit me into there schedule the same day. They recognized my issue right away and got me out of discomfort painlessly.

- Jordan C.

jordan 5 star review

You will not find a better podiatrist than Dr. Schlam. I have been seeing him for over twenty years and he has been a godsend for my foot pain. If only I could give six stars...

- John M.

john 5 star review

Great experience. They got my son in as soon as possible as made sure his foot was ok. Will definitely use them again!

- Irene T.

irene 5 star review

The best health care experience. The staff and nurses are super friendly and Dr. Schlam is very good. I highly recommend Hollowbrook Foot Specialists.

- Bob D.

5 star review

*The reviews listed are from actual patients of Hollowbrook Foot Specialists. Individual results may vary. Reviews are not claimed to represent results for everyone.

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Our Wappingers Falls
Podiatry Office
89 E. Main Street
Wappingers Falls, NY 12590

Phone: 845-298-9074

Office Hours:
Monday: 9am - 7pm
Tuesday: 8:30am -7pm
Wednesday: 9am - 5pm
Thursday: 8:30am - 5pm
Friday: 9am - 4pm
Saturday: 9am - 1pm (By Appointment Only)

hollowbrook foot specialist office
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Our Wappingers Falls
Podiatry Office
89 E. Main Street
Wappingers Falls, NY 12590

Phone: 845-298-9074

Office Hours:
Monday: 9am - 5pm
Tuesday: 9am - 5pm
Wednesday: 9am - 5pm
Thursday: 9am - 5pm
Friday: 9am - 4pm

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