Are you starting to hear the buzz about Health Care Reform, also known as “ObamaCare”? Are you confused about how it impacts you and your family? You can relax. Whether you’re insured or not, here are seven important things you need to know.
Today, the White House announced a delay in the employer mandate under the Affordable Care Act, which requires employers to provide health insurance coverage to their employees or pay a penalty, however this will not impact the individual mandate which requires most uninsured Americans to purchase health insurance by March 31, 2014.
If you’re starting to hear more about health care reform or as some call it Obamacare, you’re not alone. If you have questions about health care and are not sure what to do when, TurboTax is here for you to clarify any conflicting information and give you the important facts about health care reform.
Under the new health care law, otherwise known as Obamacare, most Americans will be required to have health insurance starting in 2014. So what does that mean to you? If you already have health insurance through your employer, not much will change. But what if you don’t have insurance? To help pay for the cost of health insurance, you may be eligible for financial assistance from the government, called a subsidy.
If you need to enroll in your employer provided Flexible Spending Account due to your plan’s open enrollment, changes in employment, or family size, here are some tips to help you figure out how much to contribute to your FSA from Elle Martinez of Couple Money.
Intuit TurboTax created a health care calculator to help you find out if you’re eligible for health insurance through a state or federal Marketplace, Medicaid, or Medicare or if you’re already set with your existing health insurance plan. It will also let you know, if you qualify for a tax credit or subsidy from the government to help you purchase your health insurance. Check it out to learn how health care reform impacts you so that you can make the best decisions for your health and your wallet.
The Affordable Care Act or healthcare reform was signed into law on March 23, 2010. Some tax provisions related to the law took affect in 2010, but the requirement to purchase health insurance and how the purchase relates to your taxes doesn’t go into effect until 2014. Still, Americans remain confused about when they need to purchase health insurance and when the requirement to purchase health insurance impacts their taxes. Our experts at the American Tax and Financial Center at TurboTax put together this helpful infographic timeline to dispel the myths about healthcare reform and let you know when the key dates and events take place.
Beginning in 2014, you’ll start seeing some changes to your taxes if you purchase your healthcare coverage at a health insurance Exchange. This won’t affect your taxes if you are already covered by your employer, Medicare, or Medicaid.
Starting to hear more about health care reform? You’re not alone. And you may be hearing some conflicting information about what you need to do and when you need to do it. At TurboTax, we’re here for you every step of the way so we’ve got the basic facts that you need to know.