Health Care Health Care, Taxes, and You: If I can’t afford health insurance through my job, what are my options? Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Nov 6, 2014 1 min read If you don’t qualify for Medicaid and can’t afford a plan offered by your employer, signing up for health insurance through the Health Insurance Marketplace may be your next best option. Lucky for you the next Open Enrollment period begins on November 15, 2014 and will last until February 15, 2015. There are a number of different plans offered in the Marketplace, and you may qualify to get financial help to pay for coverage, care, or both if your share of insurance premiums you pay is more than 9.5% of your family’s income. Based on your household income and family size, you may be eligible for a premium tax credit, which is financial assistance from the government to help you pay for your monthly health insurance premiums. For example, you may qualify for lower premiums on a Marketplace insurance plan if your yearly income is between $11,670 and $46,680 ($23,850 – $95,400 for a family of four). To see if you’re eligible for a tax credit, you can use our free health care calculator. You can find out more about how to balance health care costs with your needs here. Previous Post Is This Tax Deductible? Caring for a Loved One Next Post Six Things to Watch During Open Enrollment Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. 2 responses to “Health Care, Taxes, and You: If I can’t afford health insurance through my job, what are my options?” Ernie, On Form 1040, look at the bottom line on page 1 of the tax return. In 2013 it was line 37, Adjusted Gross Income. Mary Ellen Reply What line on 1040 determines household income when considering ACA monthly premiums? Reply Leave a ReplyCancel reply Browse Related Articles Health Care Real Talk Series: I Don’t Have Health Insurance, … Health Care Why Shop in the Health Insurance Marketplace? Health Care Can You Claim a Tax Deduction for Health Insurance? Health Care Health Care, Taxes, and You: What Subsidies Offset Hea… Health Care How Income and Family Size Changes Impact Your Health I… Health Care Paying for Health Insurance: Where are the Discounts? Health Care How to Purchase Health Insurance in the Health Insuranc… Health Care The ABC’s of the Affordable Care Act Health Care Healthcare Reform – Glossary: Key Terms Explained Health Care Demystifying the Affordable Care Act
Ernie, On Form 1040, look at the bottom line on page 1 of the tax return. In 2013 it was line 37, Adjusted Gross Income. Mary Ellen Reply