Network Issue BC TN

[vic120]

NP.

Fortunately, in the past at least, they were pretty lax on the requirements for proof. You could show a P&L statement, monthly "Pay Summaries", even bank records. Some type of documentation from the business showing that your income decreased by the amount needed to trigger SEP. (I think it was a 10% or 20% reduction if I remember off the top of my head)

I have not looked at it in a few years. But in the past it was based on monthly income. So if your income drops by the % needed for just 1 month, you can get a new SEP if you show proof.

If you normally dont keep a running P&L statement, or dont normally generate monthly Pay Summaries ... you are the boss... so start this year! lol. The Pay Stubs (summaries) are easy to create on word or powerpoint. Keep in mind that this is HHS reviewing the docs, not the IRS, so it doesnt have to be perfect or even look exactly a certain way.

Even if you are co-mingling funds and not moving funds to a personal account each month. You can still generate a pay summary or "income summary" for each month.


A potential issue you brought up though, if you switch plans, any money paid toward the deductible might not transfer over to the new plan. I honestly dont know the answer here (I only do group health professionally) ... but Id bet that it will not. BCBS should be able to tell you for sure. So depending on the amount paid already, you might want to bite the bullet and find a different provider this year for you and the wife who is in-network.

Keep in mind in the future, that providers within a network can change from year to year. So always be sure to run a provider check each year even if you are enrolling in the exact same plan and exact same network. ( I get that was not the case this time, just a possibility to keep in mind for the future)

It not reduction through its increase maybe that will make it easier I'll just lose the little subsidy I have, I didn't have any last year For some reason I got a small subsidy this year
wont make too much a dif if I lose the subsady

So maybe that is easier

 

[vic120]

NP.

Fortunately, in the past at least, they were pretty lax on the requirements for proof. You could show a P&L statement, monthly "Pay Summaries", even bank records. Some type of documentation from the business showing that your income decreased by the amount needed to trigger SEP. (I think it was a 10% or 20% reduction if I remember off the top of my head)

I have not looked at it in a few years. But in the past it was based on monthly income. So if your income drops by the % needed for just 1 month, you can get a new SEP if you show proof.

If you normally dont keep a running P&L statement, or dont normally generate monthly Pay Summaries ... you are the boss... so start this year! lol. The Pay Stubs (summaries) are easy to create on word or powerpoint. Keep in mind that this is HHS reviewing the docs, not the IRS, so it doesnt have to be perfect or even look exactly a certain way.

Even if you are co-mingling funds and not moving funds to a personal account each month. You can still generate a pay summary or "income summary" for each month.


A potential issue you brought up though, if you switch plans, any money paid toward the deductible might not transfer over to the new plan. I honestly dont know the answer here (I only do group health professionally) ... but Id bet that it will not. BCBS should be able to tell you for sure. So depending on the amount paid already, you might want to bite the bullet and find a different provider this year for you and the wife who is in-network.

Keep in mind in the future, that providers within a network can change from year to year. So always be sure to run a provider check each year even if you are enrolling in the exact same plan and exact same network. ( I get that was not the case this time, just a possibility to keep in mind for the future)

BC said deductible won't be a problem nor will HSA account part


But as far as the amount paid is around 11or 12 K in deductible and I think another 1500 on half the coinsurance

 

[scagnt83]

BC said deductible won't be a problem nor will HSA account part


But as far as the amount paid is around 11or 12 K in deductible and I think another 1500 on half the coinsurance

Then you should be good if you can prove an income change. Keep in mind the income change can be up or down. (at least it used to be that way)