You may have an understanding of what health care reform means for the uninsured, but do you know how it affects you if you already have health insurance?
Whether you have health insurance through your employer, parent, or are self-insured, here are five facts you should know about how health care reform impacts you:
1. Since you are already covered, you don’t have to worry about purchasing health insurance by March 31, 2014. If you have employer-provided insurance, you can keep your current insurance; you aren’t required to take any action and you will not be subject to penalties as long as you still have health insurance in 2014.
2. You may replace individually purchased health insurance. You are free to change your individual health insurance plan by shopping in the Health Insurance Marketplace. If your plan ends before March 31, 2014, you can change your individual plan during open enrollment in the marketplace starting October 1, 2013.
3. If you’re under 26 years old, you can remain on your parent’s insurance plan. You can stay on your parent’s plan even if you’re married and not living with your parents.
4. You may be entitled to new protections under the law, including:
– Health insurance companies are now required to cover people with pre-existing conditions.
– Insurance companies will be held accountable for rate increases.
– Many health plans will be required to cover free preventative health care like mammograms and other health care screenings.
5. If you have COBRA continuation health insurance, you can switch to a plan offered in the Health Insurance Marketplace. If you left your job and have COBRA continuation coverage, you have the option to purchase health insurance through the Health Insurance Marketplace.
Please check back with us to find out the latest information about Health Care Reform. As with all tax laws, TurboTax is up to date with the latest health care tax law changes. You can continue to rely on TurboTax as your resource to find out how health care reform impacts you, your finances, and your taxes.
Have specific questions about how this impacts you? Ask them below or get health care reform answers in our TurboTax community.