News about mandatory health insurance under Obamacare.

Considerations for 2013

  • Open Enrollment for the Health Insurance Marketplace: The open enrollment period to purchase health care coverage through the new Health Insurance Marketplace begins Oct. 1, 2013. When you get health insurance through the marketplace, you may be able to get the new advance Premium Tax Credit that will immediately help lower your monthly premium. Learn more at HealthCare.gov.
  • Filing Requirement: If you do not have a tax filing requirement, you do not need to file a 2013 federal tax return to establish future eligibility or qualify for future financial assistance, including the advance Premium Tax Credit to purchase health care coverage through a Health Insurance Marketplace. Learn more at HealthCare.gov.
  • W-2 Reporting of Employer Coverage: Certain employers are required to report the value of the health insurance coverage they provide. The value of health care coverage as reported by your employer in box 12 and identified by Code DD on your Form W-2 is not taxable.
  • Itemized Medical Expenses: You can deduct your unreimbursed medical and dental expenses that exceed 10 percent of your adjusted gross income on your 2013 tax return. The 7.5 percent threshold will remain for those 65 and older for tax years 2013 through 2016.
  • Other ACA Tax Provisions: Additional Medicare TaxPremium Rebate for Medical Loss Ratio,Health Flexible Spending ArrangementsHealth Saving Accounts, and Net Investment Income Tax.

Looking ahead to 2014

  • Premium Tax Credits: If you get your health coverage through the marketplace, you may be eligible for a Premium Tax Credit. You can elect to have the advance credit sent directly to your insurer during 2014, or wait to claim the credit when you file your tax return in 2015. If you choose to have advance payments sent to your insurer, you will have to reconcile the payments on your tax return. Learn More.
  • Individual Shared Responsibility Payment: Starting January 2014, you and your family must either have health care coverage, an exemption from coverage, or make a payment when you file your 2014 tax return in 2015. Learn More.
  • Change in Circumstances: If you are receiving advance Premium Tax Credits to help pay for your insurance coverage, you should report changes such as income or family size to your marketplace. Reporting changes will help to make sure you are getting the proper amount of assistance.
Check the link below and find out if you qualify for a subsidy on your monthly premium.

http://kff.org/interactive/subsidy-calculator/

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2 thoughts on “News about mandatory health insurance under Obamacare.

  1. Pingback: Health Care Pong - Common Sense Living

  2. Howard Dean (democrat) says obalmycare is a bailout of the insurance companies in return for bribes (contributions) they paid out to BOTH democrats and republicans. That’s why republicans only put up token resistance to it.

    What industry wouldn’t want the government to force 50,000,000 people to become customers overnight?

    Of course, all these “conservatives” didn’t bitch when auto insurance became mandatory. This is largely modeled after that.

    “People get the government they deserve.” – John Updike/Author

    http://dev.fixhealthcarepolicy.com/health-care-news/howard-dean-obamacare-bigger-bailout-for-insurance-companies-than-aig/

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