Health Care Five Facts the Insured Should Know About Health Care Reform 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 Sep 10, 2013 - [Updated Sep 12, 2013] 2 min read 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. Previous Post What is a Health Care Reform Tax Penalty [Calculator]? Next Post TurboTax AnswerXchange Gives You Personalized Answers to Your Affordable Care… 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. 61 responses to “Five Facts the Insured Should Know About Health Care Reform” « Older Comments If my 17 year old son’s health insurance was covered by my ex husband last year per our divorce decree, do I still have to include my 17 yr old son’s part time income to mine when I file? I am the only one covered by the Obama affordable healthcare act. My household income was $29,000 last year. My son made $7,000 last year working part time. Thank you in advance for your help Reply Hi, Really this is good idea. Reply My premium has gone down due in Massachusetts. My wellness benefits are no longer a hassle and my Maximum out of pocket will protect me from an 80/20plan where a heart attack or stroke could result in copayments of $30,000. The new plans assure more well babies and adults and financial protection. We have had mandated insurance here for some time. Reply At the beginning of this year I started a good job and made good money, spending almost all of it on paying off accumulated debt. My employer decided it was cheaper to let me go, and now I have to also get this Obamacare insurance or be heavily taxed next year. Because of what I made until leaving the job, I don’t seem to qualify for any subsidies. Yet, I don’t have any real income now to pay for insurance. What in the world? This law stinks! Reply You can get an inexpensive plan this year, or claim lower income for next year for a subsidy. If you get more income, be sure to report it to the marketplace so they can adjust your subsidy or you may be hit with a big tax bill Yes, the law stinks. I have read a lot of it, and it has a lot of issues yet to be resolved. Reply Here is something I have yet to see anyone post about, how about the fact that by 2016 my premium will be triple what I pay now because my insurance has been deemed affordable by obamacare and is now being raised to the limit of what is deemed affordable. Reply You may wish to watch another news channel. You aren’t getting the full story of the consequences to this bill. I’m a health insurance agent and have been telling clients for 3 years what will happen with the new ACA plans/rates. Get a plan this year and you can stay on it at least until 1/1/15. Remember, if you like your plan, (Obama said you can keep it), but now…..too bad! By the way, taxes are going way up too! Remember to vote and tell your friends to vote too! We need to take back our country and get responsible for ourselves. If we don’t, we all lose our freedom. Reply I just filed my taxes. I do not have insurance or obama care. I had to pay 155$ penalty. However I did my boyfriends taxes who also does not have insurance or Obama care and he did not have to pay any penalty. Can someone tell me why? Reply Hi Nichole, He may have fit into one of the exemptions that is given through your tax return, like income below the IRS tax filing threshold of $10,150 or his insurance would be more than 8% of his household income. Thank you, Lisa Greene-Lewis Just one more thing for the poor and middle class to stress and worry about. Mr. Obama you are such a great person. NOT!!!!!! Thank you ever so much to all in government for saddling us with these new burdens. Reply I certainly expected more pertinent information from Turbo Tax. After all, we are reading this because we are interested in the tax consequences of the PPACA. People need to know if they claim a subsidy that isn’t absolutely accurate, it could drastically affect their 2014 tax return. People also need to know they can sign up for multiple plans in a family to get the coverage they need. Reply Hi Jeanine, Thank you for your feedback. We also have answers to very specific questions that have been asked in our community and a place where people can go to ask very specific questions. Please visit TurboTaxAnswerXchange.com to for more information. Thank you, Lisa Greene-Lewis Reply Thanks! I will direct my clients to this area for tax related questions. There are a lot!! I’m glad you have a place for specific questions. Jeanine #1 is absolutely not true-one of the biggest lies is you can keep the plan you have. My group plan is being required to disband…,,,,,,got the confirmation letter on this yesterday from Aetna. Reply Most group plans will need to comply with the new mandates upon renewal next year. Aetna has left the group market in several states. Individual plans may keep the same benefits until 1/1/15, depending on the carrier. The bill would not have passed if people were told they could not keep their same insurance. It’s politics. Reply I totally disagree. the bill was written by special interests and designed to drive out private health insurance from the public. it isn’t politics. it is an idealogy disquised by lies. I just received a news headline that 7 of 9 insurance companies in my state will no longer do business in this state. My husband’s insurance is with one of those companies. I have a friend who told me recently that their company also will no longer write insurance in this state. So, I agree with Rhonda Howard; There is a big possibility that you will not be able to keep the plan you have. As for mine, I got notice last week that my premiums are going up 53% on Jan 1, 2014, cited Obama Care as the reason. Reply The way it’s been written is that most plans must comply on 1/1/15 with the ACA plan essential health mandates. I am seeing less competition as carriers pull out of certain markets and devote their attention to profitable business. I agree with you. There’s still time to get a new group plan in place with today’s rates. It will keep you stable until 1/1/15, or until the plan renews next year, depending on the carrier. Reply « Older Comments Leave a ReplyCancel reply Browse Related Articles Health Care Seven Things You Need to Know About Health Care Reform Health Care Health Care Reform and Your Taxes Health Care White House Delays Affordable Care Act Employer Mandate Until 2015 Health Care Health Care Reform Timeline: Important Dates You Need to Remember Health Care Facts About Health Care Reform Health Care What is a Health Care Reform Tax Penalty [Calculator]? Health Care Health Insurance Marketplace Opens Today! Health Care What is Obamacare? Health Care The Affordable Care Act Timeline for Individuals and Families [Infographic] Health Care TurboTax Health Care Eligibility Calculator
If my 17 year old son’s health insurance was covered by my ex husband last year per our divorce decree, do I still have to include my 17 yr old son’s part time income to mine when I file? I am the only one covered by the Obama affordable healthcare act. My household income was $29,000 last year. My son made $7,000 last year working part time. Thank you in advance for your help Reply
My premium has gone down due in Massachusetts. My wellness benefits are no longer a hassle and my Maximum out of pocket will protect me from an 80/20plan where a heart attack or stroke could result in copayments of $30,000. The new plans assure more well babies and adults and financial protection. We have had mandated insurance here for some time. Reply
At the beginning of this year I started a good job and made good money, spending almost all of it on paying off accumulated debt. My employer decided it was cheaper to let me go, and now I have to also get this Obamacare insurance or be heavily taxed next year. Because of what I made until leaving the job, I don’t seem to qualify for any subsidies. Yet, I don’t have any real income now to pay for insurance. What in the world? This law stinks! Reply
You can get an inexpensive plan this year, or claim lower income for next year for a subsidy. If you get more income, be sure to report it to the marketplace so they can adjust your subsidy or you may be hit with a big tax bill Yes, the law stinks. I have read a lot of it, and it has a lot of issues yet to be resolved. Reply
Here is something I have yet to see anyone post about, how about the fact that by 2016 my premium will be triple what I pay now because my insurance has been deemed affordable by obamacare and is now being raised to the limit of what is deemed affordable. Reply
You may wish to watch another news channel. You aren’t getting the full story of the consequences to this bill. I’m a health insurance agent and have been telling clients for 3 years what will happen with the new ACA plans/rates. Get a plan this year and you can stay on it at least until 1/1/15. Remember, if you like your plan, (Obama said you can keep it), but now…..too bad! By the way, taxes are going way up too! Remember to vote and tell your friends to vote too! We need to take back our country and get responsible for ourselves. If we don’t, we all lose our freedom. Reply
I just filed my taxes. I do not have insurance or obama care. I had to pay 155$ penalty. However I did my boyfriends taxes who also does not have insurance or Obama care and he did not have to pay any penalty. Can someone tell me why? Reply
Hi Nichole, He may have fit into one of the exemptions that is given through your tax return, like income below the IRS tax filing threshold of $10,150 or his insurance would be more than 8% of his household income. Thank you, Lisa Greene-Lewis
Just one more thing for the poor and middle class to stress and worry about. Mr. Obama you are such a great person. NOT!!!!!! Thank you ever so much to all in government for saddling us with these new burdens. Reply
I certainly expected more pertinent information from Turbo Tax. After all, we are reading this because we are interested in the tax consequences of the PPACA. People need to know if they claim a subsidy that isn’t absolutely accurate, it could drastically affect their 2014 tax return. People also need to know they can sign up for multiple plans in a family to get the coverage they need. Reply
Hi Jeanine, Thank you for your feedback. We also have answers to very specific questions that have been asked in our community and a place where people can go to ask very specific questions. Please visit TurboTaxAnswerXchange.com to for more information. Thank you, Lisa Greene-Lewis Reply
Thanks! I will direct my clients to this area for tax related questions. There are a lot!! I’m glad you have a place for specific questions. Jeanine
#1 is absolutely not true-one of the biggest lies is you can keep the plan you have. My group plan is being required to disband…,,,,,,got the confirmation letter on this yesterday from Aetna. Reply
Most group plans will need to comply with the new mandates upon renewal next year. Aetna has left the group market in several states. Individual plans may keep the same benefits until 1/1/15, depending on the carrier. The bill would not have passed if people were told they could not keep their same insurance. It’s politics. Reply
I totally disagree. the bill was written by special interests and designed to drive out private health insurance from the public. it isn’t politics. it is an idealogy disquised by lies.
I just received a news headline that 7 of 9 insurance companies in my state will no longer do business in this state. My husband’s insurance is with one of those companies. I have a friend who told me recently that their company also will no longer write insurance in this state. So, I agree with Rhonda Howard; There is a big possibility that you will not be able to keep the plan you have. As for mine, I got notice last week that my premiums are going up 53% on Jan 1, 2014, cited Obama Care as the reason. Reply
The way it’s been written is that most plans must comply on 1/1/15 with the ACA plan essential health mandates. I am seeing less competition as carriers pull out of certain markets and devote their attention to profitable business.
I agree with you. There’s still time to get a new group plan in place with today’s rates. It will keep you stable until 1/1/15, or until the plan renews next year, depending on the carrier. Reply