Health Care Health Care Reform and Your Taxes 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 30, 2013 - [Updated Oct 4, 2013] 2 min read Lately you may be hearing buzz about health care reform, Affordable Care Act, or Obamacare on the news. These are the unofficial names for The Patient Protection and Affordable Care Act, a national health care plan signed into law by President Obama that aims to provide the majority of Americans with access to affordable health care. Not sure what this new health care law is or if it changes anything for you and your family? Don’t worry, TurboTax has you covered. Here are the facts straight from our experts. The Affordable Care Act requires that all Americans (with a few exceptions) have health insurance starting in 2014. If you have health insurance, you’re all set. 80% of Americans already have health insurance through their employer, Medicaid, Medicare, or individual insurance and are already in compliance with the new law. If you fall into this bucket, you don’t need to do anything. You’re all set. If you’re uninsured, you can shop for health insurance in the online Health Insurance Marketplace. The Marketplace, which opens October 1, 2013, helps you compare your health insurance coverage options and costs. You have until March 31, 2014 to purchase health insurance through the marketplace. If you choose not to, you could face a health care tax penalty on your 2014 tax return (the one you file in 2015). You may be eligible for financial assistance to help cover insurance cost. If you purchase your health insurance through the online health insurance marketplace or exchange, you may be eligible for a government subsidy in the form of a tax credit. Unlike most tax credits, you will not have to wait to receive the tax credit or subsidy; it will be applied to your insurance in 2014 when your coverage begins. When it comes to the new health care law, TurboTax has you covered. The requirement to purchase health insurance does NOT impact your 2013 tax return (the one you file in 2014). TurboTax is up to date with all the latest tax and health care laws so you can be confident that your taxes are done right with TurboTax. Still have questions about how the new health care law impacts you and your family? TurboTax AnswerXchange will give you answers to your personal healthcare questions. Just answer a few simple questions and it will tell you how the new law impacts you and whether you’re eligible for financial assistance, so that you can make the best choice for your health care needs and budget. To find out more about the Affordable Care Act, or Obamacare, you can also watch our video. Previous Post TurboTax AnswerXchange Gives You Personalized Answers to Your Affordable Care… Next Post Health Insurance Marketplace Opens Today! 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. 1,052 responses to “Health Care Reform and Your Taxes” « Older Comments Newer Comments » Thanks Turbo Tax Lisa and several others who mentioned the subsidies for those who complain they “Can’t afford insurance”. BTW it is still private insurance companies, with the needy taken care of with ongoing programs. We do not have “Universal Health Care” available in so many other developed countries! Reply TurboTaxLisa — Please tell me your employer does not endorse that video. There are less argumentative ways to get more and more accurate information to customers, if you are sincerely interested. Call me. Reply Re video: Host wrong. She made 4 misstatements followed with a valid question which makes it look like DWS endorses all the statements when she responds to the one question. Didn’t you see that? : Panels will tell you what insurance you can buy. Not. : The “exchanges” are to sell co-op insurance (implicitly run by the govt). Not. : employers will drop employee which forces employees to the exchanges. Not. : Please research before broadcasting misinformation. We need a coherent America. Reply A previous comment has popped a question in my mind. I have custody of my kids and their mom (my ex-wife of course) is on “disability” while getting all that free government support from SS, foodstamps, and state insurance (TennCare). From what the law has been is that I am the only one who can insure my kids since I have custody while she is on all these state funds that are not costing her a penny while she’s avoiding to pay taxes and she even refuses to pay her responsibility to their medical bills. Does the new law require her to add our kids to her insurance and will they accept? Reply I too have been on disability for the past 6 years, but get no extra subsidies for living or food. I worked all my life and am 65 years old. I paid my share of taxes, so don’t lump all of those on Disability into one category. I can barely get by each month on the little bit I get from SS and my 401K. We need to repeal Obama care and get reasonable help for insurance for those in the lower income bracket. I wish I could work, but totally not possible due to severe back problems and Parkinson’s. If your wife truly has money to help with the medical for your children, then she should be made to do so. Why do the lower income have to pay so much when the people in the White House get paid whether they work or not and get free medical??? Reply Yes, but there are people who fake the whole disability thing just to get a free ride and easy money. And ObamaCare is also making it where all those government bastards have to sign up as well as the rest of the country. Get it repealed and congress gets off easy. So I vote no on the repeal. Hi TT Lisa How about folks like us who have moved out of the USA now? Although we do visit our kids once a year or so. We are not forced to buy this are we? Thank You & I still use your product to file Reply Socialized Medicine is the key stone of socialism. Need I say more? Reply My daughter is 23, does not live with me, and files her own tax return. Currently does not have insurance,may qualify for Medicaid based on her income, only works part time, does not know if she qualifies for insurance from her employer. Would I be forced to add her to my plan thru my employer, which I cannot afford? If she does not get insurance, who pays the penalty, her or me? She is no longer a dependent on my tax return. Reply I have health insurance, but with the obmadontcare health plan I will no longer be be willing to pay the doubled premium. The tax penalty will be less than the insurance premium. I have carried high deductible health insurance in case of severe illness. Now that the insurance companies cover preexisting conditions, why not just wait and get coverage if I get sick. Reply I welcome insurance reform I don’t want free insurance just affordable coverage,my husband and I have been tryin to get health insurance for me since 1999 when I was dropped because of having mental health problem now I can’t get health insurance .every time I real of affordable insurance on television r any where else I check its not what they say .they tell me just for myself is 700.00 a month we can’t afford it. I don’t go to the doctor because of the expense. My kids help the best they can but they have there families and my medical and prescription are high if you can tell me a better solution to this I would be interesting in hearing it Reply I have health insurance through work, but it’s very expensive. I was told there is some tax credit I would be eligible for if the premiums are more than 9%. My insurance premium is about 15% of my gross income. Is this true? Reply My Question is this. I am a Disabled Vet and my healthcare is covered my the VA, so I’m good. My Wife has coverage through Tricare as she is appointed as my Caregiver through the VA and paid as such. I am not 100% yet so my children arent eligible to be covered under e through Tricare. I am still searching to check vor a company that will cover only my 5 & 7yo without having to pay extra to cover my wife as well. My income is not taxable nor is my wife’s. How does that work than with my children since CHIPS says we have to claim it to them to see if my girls are eligable? Reply No matter how you slice it your screwed Reply My children are members of a tribe. They have their own healthcare system. Are tribal members exempt from this law because they they have tribal health for one, and their status as a sovereign nation as two? I don’t think technically it is insurance, but they cover all their members health care. Reply Adam, Tribal members are excluded from the insurance requirement. Mary Ellen Reply Thank you once again demacrats for taking from the people doing something with their lives to help the ones who aren’t! Good job smh! Reply OBummercare is simply part of the large increase in Middle Class taxes that this White House has long been seeking. The key to survival for the Middle Class until it can be repealed was written about recently. Here is the link and summary of that article: Daniel Mitchell, whose expertise in tax matters usually has him writing about tax reform, summarizes this interesting piece as follows quoting from the article: The article nonchalantly explains that people may want to reduce their income so they can get more goodies from the government. “People whose 2014 income will be a little too high to get subsidized health insurance from Covered California next year should start thinking now about ways to lower it to increase their odds of getting the valuable tax subsidy. “If they can adjust (their income), they should,” says Karen Pollitz, a senior fellow with the Kaiser Family Foundation. “It’s not cheating, it’s allowed.” Under the Affordable Care Act, if your 2014 income is between 138 and 400 percent of poverty level for your household size, you can purchase health insurance on a state-run exchange (such as Covered California) and receive a federal tax subsidy to offset all or part of your premium. …getting below the 400 percent poverty limit could save many thousands of dollars per year. ” You may be thinking that this is just a theoretical problem, but the article cites a very real example. “To get a subsidy, the couple’s modified adjusted gross income for 2014 income would need to fall below $62,040, which is 400 percent of poverty for a family of two. …Proctor estimates that her 2014 household income will be $64,000, about $2,000 over the limit. If she and her husband could reduce their income to $62,000, they could get a tax subsidy of $1,207 per month to offset the purchase of health care on Covered California. That would reduce the price of a Kaiser Permanente bronze-level plan, similar to the replacement policy she was quoted, to $94 per month from $1,302 per month. Instead of paying more than $15,000 per year, the couple would pay about $1,100.” To put it in even simpler terms, this couple has figured out that they can get almost $14,000 of other people’s money by reducing how much they earn by just $2,000. That, in a nutshell, is the perfect illustration of the welfare state. It tells people that they can get more by producing less. And the system is based on the theory that there will always be some suckers who work hard to provide the subsidies. Reply Hmmm, sounds kind of like what rich people do with their incomes to avoid taxes? The rich? Yeah, which is what this law is supposed to be dealing with as well and why congress members are against it. They don’t want to pay for insurance if we are giving them a free ride. So now that they have to pay, they are pissed and so are the other free riders living off our hard earned money that we pay towards taxes to cover them. Get out of fantasy land and into reality. Wow!, I have read some of the comments. I am insured through my employer. So I don’t have to worry about signing up. But for those of you who are healthy and young and do not have insurance-and feel that you do not need it. Just the one time you are faced with a major illness the rest of us pay dearly. For those you cannot afford insurance and I work with a number who either work to pay for coverage through employers—-or pay a lot for family coverage. For the individual insurance doesn’t seem to be high, but for those with families and dependents. Hopefully the credits and subsidy given will take care of it. Those of you who are complaining that it is destroying the country, it is socialist— Let me ask you this question—–Have you ever been unemployed for a long period of time—-Have you ever had to struggle in life because of those who continue to take advance of those who apply for basic necessities in life? The financial crisis was caused by people and companies looking to get rich off the backs of the working class people. Oh by the way Obamacare would be paid for by the Medical device tax—-but certain politicians don’t wont it. Why because it take money out to the pockets of those who invent, make, buy and sell such equipment. Again, lower and middle class do not get much of a tax break –but the rich and famous. Let all of the complainers get a life and think about others more than yourself–do your research and open your minds. The affordable health care act is for those who do not have insurance and need assistance to do so. I can understand that. Do we have to pay for it—-Well think about those who get turned away and struggle just to find a job to put food on the table and a roof over there heads. I have a college degree from Uof M but my career has been tanked by the financial greed of a few. I sympathize with those who have to struggle to survive everyday. Most of us are not born with reserves of money and wealthy contacts. Time and Chance happens to us all. I hope all of you do not fall on hard times. Just maybe you might show a little sympathy for the not so greedy in life. Good job on explaining the health care Law Turbo Tax. You have done your part. Have a Good Day!!!! Reply Sure, lets reward those that sit around and do nothing with their lives. Sounds great. Think I’ll sit around and let others reward me too. What a stupid comment Brittani. Reply This is going to screw up my credit because I will either end up owing a tax penalty getting evicted or getting my car reposed and I make to much to qualify for Medicare or what ever people that live off the rest of is get! If they would have us a heads up on this I prob wouldn’t have bought such an expensive car or apt because I could have budgeted in insurance this is like the seat belt law… Who I am I hurting by not having insurance I am young heAlthy and no kids wtf! Reply Then don’t wear your seat belt and don’t pay for health insurance. When you get into a car accident you will be severely injured, and have no insurance to cover you!! Reply We’ll since I have full coverage I will still have insurance to cover my medical and the last time I wrecked if I would have worn my seat belt it would have sliced my head off. Not much incentive Ashley, thats a terrible way to look at this. Brittani has a legitimate beef and you are an idiot Well you can live in fantasy land all you want, but that’s the ugly truth. Not really because as I said that is what my car insurance is for it covers up to 50,000 in medical expenses Because the “Health Insurance Marketplace” is so screwed up, for lack of a better expression, and likely to remain so for some time, all that we can do is to investigate what information about plans and pricing there is on websites such as https://www.ehealthinsurance.com/ehi/resources/subsidy-calculator#subsidyEstimator http://kff.org/interactive/subsidy-calculator/ From my family data input, the pricing/subsidies which these two websites indicate match fairly closely, in contrast to the current subsidy calculator on the TurboTax website which indicates much larger subsidies. You should also read the following article to see how some, if not many, people will be managing this Brave New World. http://www.sfgate.com/business/networth/article/Lower-2014-income-can-net-huge-health-care-subsidy-4891087.php Reply This law was passed in 2010. You knew that, right? Reply Yes. But it was passed without anyone in Congress reading it. Remember, they had to pass it to find out what was in it. Well, those idiot politicians are still finding out. Brittani, sadly you will not be young and healthy forever. I was young and healthy once, now the only way I can get health insurance to cover a chronic medical condition is through Obamacare. I pray that you, at least, will never have to experience the fear and financial hardship of having to pay medical bills without insurance. Reply Quit complaining! I can’t work for medical reasons. I worked my whole life and now am on Disability. You try to live on that! You sound like one of those greedy people who want everything, buy everything and never put any money away for a rainy day. Some day you will wish you had. My generation has paid our share into the government. Maybe you need to stop living beyond your income, and have a little more compassion for those less fortunate! Reply @Fed Up: Amen! No car insurance covers $50k of medical expenses for yourself or your passengers unless it is Uninsured or Underinsured Bodily injury coverage which is only comes into play if the other vehicle is at fault and they do not have insurance or high enough limits to pay for your or your passengers bodily injury. With healthcare costs, this amount can easily be exhausted. I am an insurance agent and it sounds like you need to speak to yours to clarify what your coverages truly provide. You might be thinking of your bodily injury liability limits but that does not provide coverage for yourself. Reply I do agree with you though Brittani that we should not be forced to buy health insurance. Besides being forced into it, the deductibles are not affordable. We are not being provided healthcare but health insurance which still comes with many unjusts. I also am in the same boat as you with the plans not being affordable and I live a very meager lifestyle but I also have no debt or loans of any kind. So what you are saying is that you still want a free ride. People like you are the reason the country is in turmoil while the rest of us hard workers pay taxes that cover you people’s free rides. My understanding is that the fine/penalty will only be deducted from my refund and will not be added to any tax already owed. Thus, if I have an amount due exclusive of any fine or penalty for not having health insurance, I will not have to pay the fine or penalty correct? Reply My husband will be on Medicare in 2014, I will not and I choose to have no insurance. Will my penalty be based on my income or on family income? We will be filing jointly. Reply Vivian, The penalty will be based on the household income. Mary Ellen Reply All you people are complaining about this obamacare and the country is turning into a socialist country, where the heck were all of you during the election? I voted for Romney because he promised to overturn it. It your own faults for voting for owebama, In 2016 do the right thing. Reply Hopefully the rest of the complainers like myself didn’t vote Obama because u r right if u voted Obama shut up u helped do this to us! Reply The irony is that I was in the hospital at the time and therefore not able to vote. I called to have the county send someone over for patients to vote but they would not so several votes nationwide are missed by hospital patients. I would not have voted for Obama given the chance to vote at all. I do believe the electoral vote needs to go away. It deters many from voting. EVERY vote should count one by one. And Romney would not have made a bit of a difference. I voted for Romney also. Can’t seem to find anyone who will admit they voted for Obama. He sure got a lot of votes for no one to have voted for him. I think they are to ashamed to admit they were that stupid. Reply It’s not that they are ashamed its because they know they wont be spending the rest of their life in a concentration camp. So once you are there then you wont have to worry about Obamacare cause you wont be alive long enough to enjoy it..lol. Once the constitution gets changed to allow for a 3rd term then everyone who didnt vote for him will feel the pressure. New World Order. NWO has been in the planning stages for decades. it’s a lie. This is very true. People played into the President’s ploy. I voted for Mitt too, as he is smart business man, who knew this Obama care would obpress the country. We have yet to have a balanced budget. This will take intellegant honest successful who know what it takes to run a business like Mitt Romney who can be trusted to do what is right to create new business, get America back on it’s feet, it won’t happen over night and raising taxes is not the answer. The ways and means committee is a high position that has been played with congressmen who are placed on it to only fail America. Get Rid of the IRS, they have been given to much power to take Americans homes and ruien Americans lives because of penalties and interest an over complicated ever changing tax laws. This is wrong, it’s their Idea of raising taxes on Americans is the big answer to balance a budget, it never has worked. I think anyone who is in the highly position position that effects our nation as a whole should have their motives checked, and do they have the qualifications or just enjoy being in a position of power. Americans deserve better than we have gotten out of elected government. Before anything is done, jobs should have been first before Obama care, getting America back on its feet first. Why wait on this,No one is going to take Obama care serious. We all deserve lower health care costs with no stipulations or punishment attached to it. I’m tired of government stupid decsisions. WE the people don’t need government hurting us any longer. I say if we continue to allow a President to spit on the constitution that needs to go back in place where it was in the beginning, as these men were honest and wanted the best for America. Reply I’m with you “Your Fault” Reply “your fault” you hit it right on the nose. So many people who don’t pay attention to what’s going on until they realize they are living in socialism. History is repeating itself! How do you like the change now? Too late! These are scary times and everyone needs to pay attention to what’s happening to our country. Reply What about if we have approved coverage we gain through our employer? Our rates have increased and so has my tax bracket this year- somehow my bring home pay is less than before my raise-since increase in premiums. Do I not receive a tax credit? Only those who purchase through the marketplace will be eligible? We are paying more for the other to use market place I would think we would be eligible for this credit also. I understand TurboTax doesn’t make the laws or impact the laws. Just want to know how this tax credit is effecting me Reply Sarah, Only those who buy through the exchanges are eligible for the credits. You can see if other members of your household qualify for the credit through the exchange. Because you have coverage through your employer you will not qualify for the credit even if you choose to buy through the exchange. Please read more here – https://www.healthcare.gov/how-does-the-affordable-care-act-affect-me/ Also visit -http://www.TurboTaxAnswerXchange.com for more answers to your specific health care questions. Mary Ellen Reply And i cant afford medical with my work for me and my husband Reply So we won’t have to pay extra when we file this year right? Reply Hi Terrie, Right. Your receive a penalty for not having health insurance by March 31, 2014 in 2014, but the penalty is not assessed until 2015 when you file your 2014 taxes. For more answers to your specific health care questions, visit http://www.TurboTaxAnswerXchangec.com Thank you, Lisa Greene-Lewis Reply No penalty if you have a balance due, only if you have a refund – and it is far less expensive than buying insurance. As for the penalty, ignoring for the moment the implications of the court challenges to the administrative interpretation by the DHS/IRS, avoiding it will also mean managing ones withheld or estimated taxes more carefully so that one is not left with a refund position at year’s end. Only then can the IRS pick your pocket via this penalty. Otherwise, they have under the law no recourse against you. I have insurance through my employer. My spouse has insurance through her employer. There is a chance that she could lose her insurance in the near future from her employer. What do we do for her? If she tries to get on my insurance the cost will be too high for our budget. Reply I live in Michigan with my 2 kids and 1 in college not living with me.They are currently on Medicaid but they are threatening taking it away because I wont open a child support action against my husband who now lives and works in California. We are still together and he helps me financially but we file taxes separately. Will I face the same problems with this health care reform act? Reply Both my husband and I have health insurance through our employers. I am wondering if way are able to “shop” and compare. In other words, If we find that the market place insurance premiums are less than our employers, can we choose that instead? Reply I just wanted to give you feedback on the video: GREAT JOB! Reply My daughters-24 and 26- both are enrolled American Indians and they get medical coverage through tribal-do they need to get other health Insurance thru this Obamacare thing and if they don’t will they have to pay a penalty Reply I get medical insurance through my employer, will I get health insurance subsidy? Reply My husband and I are legally separated. We share custody of our 2 kids, who are currently included on his insurance policy. I have been uninsured due to a pre-existing condition. We each filed as “head of household” last year, and he claimed both kids as dependents. I would like to get a policy through the ACA Marketplace. Since the kids live with me (slightly more than) 50% of the time, may I claim them as members of my household, which will qualify me for a subsidy? Or do I need to claim them as dependents to do so? If I need to claim them as dependents, would that be starting in 2013 or 2014? Thank you! Reply My employer supplies health ins but being low income and paying $90. Per month copau plis med copay is killing me. Can I get help with this? Reply How much is the fine? Will I be arrested if I do not buy health insurance? Reply I’m a teacher, and I have insurance through work. I make about $50,000 a year for a family of 5. I believe I qualify financially for Obamacare, but I don’t understand how it would work since I already have insurance through my work. Do I have an option to cancel my insurance with my work (usually you enroll for a full year)? Can I have my normal insurance and Obamacare? I need to get on before March 31st (I believe), or I’ll lose out on another year. How do I work this. Reply I do not qualify for Medicaid but my children have it.One of the children was getting SSI he no longer receives it.He does not have insurance.Do I need to get coverage for my self and him? I cannot afford the coverage on the job. Reply You have to have insurance by 2014. If your employer offers you insurance, then you’ll have to sign up with them. You can always try the exchanges, but, because your employer provides the option for you to get health insurance through them, you can not get subsidized if you elect to go through the exchanges. If you can afford neither, then you can elect to pay the pay the penalty (tax) next year, but you’ll still not have health insurance for you or your child. Sorry if this is bad news. Reply Yes EVERYONE has to have Insurance and if you don’t it we get penalized on our taxes, it excludes Medicaid, Medicare and people who already have Insurance. Reply HI Tina, Yes, you will have to purchase health insurance for you and your son. Your son may be eligible for Medicaid or the Children’s Health Insurance Program. Please read more here https://www.healthcare.gov/how-does-the-affordable-care-act-affect-me/ Also visit http://www.TurboTaxAnswerXchange.com for more answers to your specific health care questions. Thank you, Lisa Greene-Lewis Reply Nice work, Lisa. I just found your 30 Sep article. You cover information I had to get from about 12 sources before I found your very informative explanation of Obama Care. Thanks – hope you get a pay raise for excellent work you are doing. Al Reply What happened to our freedom? We are becoming enslaved. Reply What happens to my freedom when you go to the emergency room or worse yet, a hospital stay that you can’t afford to pay for? I’ll tell you what happens, I (and everyone else) has to pay more for our healthcare to make-up for you. And that my friend infringes on my freedom. Reply U still r paying for people how can’t afford the insurance check into it that’s what this is all about! You are so right ! Well put. JackL Well RickE, if your going to bring that stupid line of thinking in then tell the rest of it. Like when somebody breaks the law and gets sent to prison for it I and you with everybody else pays for it ( don’t we all.) How about insurance itself when you send any of your bills in to make a claim everybody pays for it ( don’t we all). You Liberal Idiot !!!! Completely agree RickE. Most people still don’t understand this. Well said…. As someone directly involved in the healthcare industry, the sad fact is that almost all non-insured or under-insured people in this country did, in fact, receive medical care when needed. Most hospitals provide health care to the indigent because, in many cases, they are faith-based organizations that have a mission to provide the same quality medical care to anyone who comes to them. You are right that, in a sense, everyone who paid insurance had to pay a higher amount for that to happen. So the real travesty is that by the government mandating medical coverage (which will result in almost no significant change in the number of individuals actually receiving medical care), they have added, by one estimate, half a billion dollars in annual costs just for the government jobs created to oversee this massive endeavor going forward – dollars that DO NOT PROVIDE ANY DIRECT MEDICAL CARE – JUST BUREACRACY. A medical insurance broker, who represents every major insurance company in this country, told me that the insurance companies have told him that people who have medical coverage will have their premiums go up by a minimum of 100% to as high as 400%. Everyone, even if they are a single male, will be required to pay for insurance that includes maternity benefits, for example. This is what DavidA meant by losing our freedom. So you, Ricky my friend – I hope you enjoy your freedom as you pay – starting next year – at least double what you were paying before Obamacare. Yes, the enslavement movement has been building for decades. But to correct some sheep, would you rather pay for people who are not really disabled and are just soaking up the free insurance, SS, unemployment, and foodstamps cause they are too lazy to get off their butts and get a job or would you rather help those who are truly in need? It is way cheaper to have insurance so that you don’t have to pay the extra high costs of Dr.s and ERs, but why should we have to pay for people who just make excuses for not getting a job with insurance? That has been much worse than the new law that was passed. Reply that had been abvious since about the 1980’s and yet the people keep electing those who think that govt is the answer to anything when more often than not it is the key to the problem. Reply Enslaved like people in Canada, Australia, Massachusetts, not to mention Americans over 65. Maybe you will be able to get some mental health services. Reply Is it true that if an individual makes over 49,900 they aren’t eligible for any subsities Reply I read in the healthcare reform act that it is $90,000+ for a family of three before no subsidies are applied. Reply Hi Ashley, The amount used depends on which years federal poverty guidelines were used. Thank you, Lisa Greene-Lewis I’m a senior on Medicare with heavy health care costs. Is it true that out-of- pocket costs will now be deductible only above 10% of my adjusted gross income? Reply Hi Bill, Yes, the medical expense deduction threshold has now increased to 10%, so you can deduct your medical expenses over 10% of your adjusted gross income. For more answers to your specific health care questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Lisa Greene-Lewis Reply slight amplification: In 2013 (i.e. the return filed in 2014) it is still 7.5% for seniors. Hi, Are you referring to the medical expense deduction? If so, if you are 65 and over the medical expense deduction threshold is still 7.5%, if you are under 65 the medical expense deduction threshold has increased to 10%. Thank you, Lisa Greene-Lewis I used Turbo Tax for years, but last year they failed to deliver my Federal return, i am still waiting for it?….Anyone can help me? Thanks. Reply Since my wife and I will be paying more in insurance costs per Year ($4500) than what the penalty will be for the year ($1200). Wouldn’t it make sense to drop insurance all together, and pick up an insurance policy after the fact. Considering you can not be denied insurance for a pre-existing condition (Cancer, illness, etc)? Reply There is a difference between a pre-existing condition and a new diagnosis or injury. A pre-existing condition is a known condition. The simple answer is No. The window to enroll is not year round. And the insurance doesn’t have to cover a new injury or diagnosis that you chose to get insurance for just after the fact. The whole idea of the Affordable Care Act is that if people only get insurance when they need it and not before that, then only sick people would have insurance. And no one would be able to afford those premiums. Insurance only works when people are pooled together so everyone pays a little so that when someone needs coverage that person doesn’t get slammed with charges. Insurance only works with shared risk. Reply Nope, cause you’d be paying twice (or more) that cost per year with just the Dr. and ER bills alone. But you have a right to find something cheaper……, which is one of the whole points of the new law. Reply That actually makes sense in a horrible sort of way. If you are young and healthy, why not just pay the penalty until such time you find out you are going to start incurring major health bills? Pre-existing conditions will no longer make you ineligible, after all. You could even put an equal amount ($1200) or greater away in a savings acct every year for emergencies and still come out ahead over the new insurance premiums. Is that legal? Reply I’d rather be safe than sorry. And also the law could change in the next decade. Myself and my 32 yr old disabled son who is on SSI live with my ex husband (who is also his father). When I did his taxes last year he was Head of Household and we were dependents, with the Affordable Health Care Act, it has a question do I want to let him take a tax break or not. Will that mean he would have to buy my insurance even tho we are not married? Reply Hi Laura, You ex-husband would not have to pay for your insurance, but if you are a dependent on his tax return, and you do not have insurance, he would have to pay the penalty of $95 or 1% of his income, whichever is greater. His income will be included in your household income for determining if you are eligible for any credits or other benefits for paying for your insurance. This will also apply to your son if he does not have insurance. For additional answers to your specific health insurance questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Mary Ellen Reply I have a Medicare and an Ibm Ibm retiree health coverage. Do i need to sign up with Medical? Reply Hi, You do not have to get additional insurance because you are covered by Medicare. For additional answers to your specific health insurance questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Mary Ellen Reply My ex is required to cover both our children under his insurance. But according to our divorce decree, he can claim one child on his taxes and I can claim the other. I’m afraid the IRS will be confused and fine me. HELP! Reply Hi Ekatarina, The insurance companies will be providing information to each of us (and probably the IRS) about who is covered. As long as the kids are covered, you should not have to worry about penalties. For additional answers to your specific health insurance questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Mary Ellen Reply Our government is corrupt! Reply Hi, I lost my job after 20 years , along with my health care and retirement. Am I going to have to pay a penalty when I have no income at all ? Reply Michael I think you would qualify for Medicare if you have no income. Reply Here is the problem I also lost my good paying job after 20 years…did not even consider Medicare, food stamps or any other government subsidy. Why, I like to work….went out and obtained another job, make very little money but I take care of me…..cut back on the luxuries wrong Hi Michael, You should apply for coverage on the Marketplace for your state. If your income is low, you will qualify for Medicaid or for tax credits to help pay for your coverage. For additional answers to your specific health insurance questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Mary Ellen Reply what if I get medicare in nov of 2014 will I owe a penaity What if an employer says he is providing his/her employees insurance, taking it out of their weekly paychecks, and is defaulting on the insurance payments to the point that the employees are receiving cancellation notices. Do the employess get penalized for the employers financial issues if the insurance gets cancelled? Reply You need to contact your state’s employment regulatory agency. What you are describing is illegal. Reply I work less then 30 hours a week do I need go get the healthcare? Reply Hi Wendy, Everyone needs to have medical insurance. If your employer does not provide it and you do not qualify for Medicare, you will need to get coverage. You can apply for coverage on the Marketplace for your state. If you income is low, you will qualify for credits to pay for all or part of your premiums. For additional answers to your specific health insurance questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Mary Ellen Reply Heaven help us if we don’t stop this steady march to progressiveism/socialism. America will not be recognizable and most will exclaim, “Why didn’t you tell us it was going to be be this way!” The crony capitalists are getting stronger and the middle class is getting crushed. There are only a very few in Washington that are REALLY trying to stop this onslaught. Most are going-along to get along. Most are trying to retain their political power. They bring sticks to a gunfight. Reply When all you have is gross generalizations, exaggerations, and name calling…It’s usually the case that you haven’t bothered to find out the facts and believe the people who are counting on you to make a rash instead of informed decision. There are legit arguments on both sides. Relying on bumper sticker talking points and shock jocks won’t get you there. Reply I am a veteran enrolled in VA Health Care. My sources of income are VA Disability Pension $568/mo. and SS $1096/mo.. Do I need to purchase health insurance? Reply Hi Mike, If you already have health care through the VA, you don’t need to purchase health insurance through the Marketplace. For more answers to your specific health care questions, visit http://www.TurboTaxAnswerXchange.com Thank you, Lisa Greene-Lewis Reply I am a small business owner with no employees will this make my insurance any less expensive? and where do I go to purchase insurance? Reply I dot agree with the health reform . To try an fix something that ain’t broken .!!! Reply Explain how it works without reforms that isn’t broken. Reply You’re insane if you think it’s not broken. Hospitals and medical facilities are going bankrupt. .. there is no money because of all these self pay people with no insurance I may not agree with the whole policy, but thank god someone’s doing something about it! Reply Argo F yourself I have Medicare. Do I need to do anything ? Reply Hi William, No, if you already have Medicare you don’t need to purchase insurance. For more answers to your specific health care questions, visit http://www.TurboTaxAnswerXchange.com Thank you, Lisa Greene-Lewis Reply Pray. Reply « Older Comments Newer Comments » Leave a ReplyCancel reply Browse Related Articles Health Care The Affordable Care Act Timeline for Individuals and Fa… Health Care What is Obamacare? 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Thanks Turbo Tax Lisa and several others who mentioned the subsidies for those who complain they “Can’t afford insurance”. BTW it is still private insurance companies, with the needy taken care of with ongoing programs. We do not have “Universal Health Care” available in so many other developed countries! Reply
TurboTaxLisa — Please tell me your employer does not endorse that video. There are less argumentative ways to get more and more accurate information to customers, if you are sincerely interested. Call me. Reply
Re video: Host wrong. She made 4 misstatements followed with a valid question which makes it look like DWS endorses all the statements when she responds to the one question. Didn’t you see that? : Panels will tell you what insurance you can buy. Not. : The “exchanges” are to sell co-op insurance (implicitly run by the govt). Not. : employers will drop employee which forces employees to the exchanges. Not. : Please research before broadcasting misinformation. We need a coherent America. Reply
A previous comment has popped a question in my mind. I have custody of my kids and their mom (my ex-wife of course) is on “disability” while getting all that free government support from SS, foodstamps, and state insurance (TennCare). From what the law has been is that I am the only one who can insure my kids since I have custody while she is on all these state funds that are not costing her a penny while she’s avoiding to pay taxes and she even refuses to pay her responsibility to their medical bills. Does the new law require her to add our kids to her insurance and will they accept? Reply
I too have been on disability for the past 6 years, but get no extra subsidies for living or food. I worked all my life and am 65 years old. I paid my share of taxes, so don’t lump all of those on Disability into one category. I can barely get by each month on the little bit I get from SS and my 401K. We need to repeal Obama care and get reasonable help for insurance for those in the lower income bracket. I wish I could work, but totally not possible due to severe back problems and Parkinson’s. If your wife truly has money to help with the medical for your children, then she should be made to do so. Why do the lower income have to pay so much when the people in the White House get paid whether they work or not and get free medical??? Reply
Yes, but there are people who fake the whole disability thing just to get a free ride and easy money. And ObamaCare is also making it where all those government bastards have to sign up as well as the rest of the country. Get it repealed and congress gets off easy. So I vote no on the repeal.
Hi TT Lisa How about folks like us who have moved out of the USA now? Although we do visit our kids once a year or so. We are not forced to buy this are we? Thank You & I still use your product to file Reply
My daughter is 23, does not live with me, and files her own tax return. Currently does not have insurance,may qualify for Medicaid based on her income, only works part time, does not know if she qualifies for insurance from her employer. Would I be forced to add her to my plan thru my employer, which I cannot afford? If she does not get insurance, who pays the penalty, her or me? She is no longer a dependent on my tax return. Reply
I have health insurance, but with the obmadontcare health plan I will no longer be be willing to pay the doubled premium. The tax penalty will be less than the insurance premium. I have carried high deductible health insurance in case of severe illness. Now that the insurance companies cover preexisting conditions, why not just wait and get coverage if I get sick. Reply
I welcome insurance reform I don’t want free insurance just affordable coverage,my husband and I have been tryin to get health insurance for me since 1999 when I was dropped because of having mental health problem now I can’t get health insurance .every time I real of affordable insurance on television r any where else I check its not what they say .they tell me just for myself is 700.00 a month we can’t afford it. I don’t go to the doctor because of the expense. My kids help the best they can but they have there families and my medical and prescription are high if you can tell me a better solution to this I would be interesting in hearing it Reply
I have health insurance through work, but it’s very expensive. I was told there is some tax credit I would be eligible for if the premiums are more than 9%. My insurance premium is about 15% of my gross income. Is this true? Reply
My Question is this. I am a Disabled Vet and my healthcare is covered my the VA, so I’m good. My Wife has coverage through Tricare as she is appointed as my Caregiver through the VA and paid as such. I am not 100% yet so my children arent eligible to be covered under e through Tricare. I am still searching to check vor a company that will cover only my 5 & 7yo without having to pay extra to cover my wife as well. My income is not taxable nor is my wife’s. How does that work than with my children since CHIPS says we have to claim it to them to see if my girls are eligable? Reply
My children are members of a tribe. They have their own healthcare system. Are tribal members exempt from this law because they they have tribal health for one, and their status as a sovereign nation as two? I don’t think technically it is insurance, but they cover all their members health care. Reply
Thank you once again demacrats for taking from the people doing something with their lives to help the ones who aren’t! Good job smh! Reply
OBummercare is simply part of the large increase in Middle Class taxes that this White House has long been seeking. The key to survival for the Middle Class until it can be repealed was written about recently. Here is the link and summary of that article: Daniel Mitchell, whose expertise in tax matters usually has him writing about tax reform, summarizes this interesting piece as follows quoting from the article: The article nonchalantly explains that people may want to reduce their income so they can get more goodies from the government. “People whose 2014 income will be a little too high to get subsidized health insurance from Covered California next year should start thinking now about ways to lower it to increase their odds of getting the valuable tax subsidy. “If they can adjust (their income), they should,” says Karen Pollitz, a senior fellow with the Kaiser Family Foundation. “It’s not cheating, it’s allowed.” Under the Affordable Care Act, if your 2014 income is between 138 and 400 percent of poverty level for your household size, you can purchase health insurance on a state-run exchange (such as Covered California) and receive a federal tax subsidy to offset all or part of your premium. …getting below the 400 percent poverty limit could save many thousands of dollars per year. ” You may be thinking that this is just a theoretical problem, but the article cites a very real example. “To get a subsidy, the couple’s modified adjusted gross income for 2014 income would need to fall below $62,040, which is 400 percent of poverty for a family of two. …Proctor estimates that her 2014 household income will be $64,000, about $2,000 over the limit. If she and her husband could reduce their income to $62,000, they could get a tax subsidy of $1,207 per month to offset the purchase of health care on Covered California. That would reduce the price of a Kaiser Permanente bronze-level plan, similar to the replacement policy she was quoted, to $94 per month from $1,302 per month. Instead of paying more than $15,000 per year, the couple would pay about $1,100.” To put it in even simpler terms, this couple has figured out that they can get almost $14,000 of other people’s money by reducing how much they earn by just $2,000. That, in a nutshell, is the perfect illustration of the welfare state. It tells people that they can get more by producing less. And the system is based on the theory that there will always be some suckers who work hard to provide the subsidies. Reply
The rich? Yeah, which is what this law is supposed to be dealing with as well and why congress members are against it. They don’t want to pay for insurance if we are giving them a free ride. So now that they have to pay, they are pissed and so are the other free riders living off our hard earned money that we pay towards taxes to cover them. Get out of fantasy land and into reality.
Wow!, I have read some of the comments. I am insured through my employer. So I don’t have to worry about signing up. But for those of you who are healthy and young and do not have insurance-and feel that you do not need it. Just the one time you are faced with a major illness the rest of us pay dearly. For those you cannot afford insurance and I work with a number who either work to pay for coverage through employers—-or pay a lot for family coverage. For the individual insurance doesn’t seem to be high, but for those with families and dependents. Hopefully the credits and subsidy given will take care of it. Those of you who are complaining that it is destroying the country, it is socialist— Let me ask you this question—–Have you ever been unemployed for a long period of time—-Have you ever had to struggle in life because of those who continue to take advance of those who apply for basic necessities in life? The financial crisis was caused by people and companies looking to get rich off the backs of the working class people. Oh by the way Obamacare would be paid for by the Medical device tax—-but certain politicians don’t wont it. Why because it take money out to the pockets of those who invent, make, buy and sell such equipment. Again, lower and middle class do not get much of a tax break –but the rich and famous. Let all of the complainers get a life and think about others more than yourself–do your research and open your minds. The affordable health care act is for those who do not have insurance and need assistance to do so. I can understand that. Do we have to pay for it—-Well think about those who get turned away and struggle just to find a job to put food on the table and a roof over there heads. I have a college degree from Uof M but my career has been tanked by the financial greed of a few. I sympathize with those who have to struggle to survive everyday. Most of us are not born with reserves of money and wealthy contacts. Time and Chance happens to us all. I hope all of you do not fall on hard times. Just maybe you might show a little sympathy for the not so greedy in life. Good job on explaining the health care Law Turbo Tax. You have done your part. Have a Good Day!!!! Reply
Sure, lets reward those that sit around and do nothing with their lives. Sounds great. Think I’ll sit around and let others reward me too. What a stupid comment Brittani. Reply
This is going to screw up my credit because I will either end up owing a tax penalty getting evicted or getting my car reposed and I make to much to qualify for Medicare or what ever people that live off the rest of is get! If they would have us a heads up on this I prob wouldn’t have bought such an expensive car or apt because I could have budgeted in insurance this is like the seat belt law… Who I am I hurting by not having insurance I am young heAlthy and no kids wtf! Reply
Then don’t wear your seat belt and don’t pay for health insurance. When you get into a car accident you will be severely injured, and have no insurance to cover you!! Reply
We’ll since I have full coverage I will still have insurance to cover my medical and the last time I wrecked if I would have worn my seat belt it would have sliced my head off. Not much incentive
Not really because as I said that is what my car insurance is for it covers up to 50,000 in medical expenses
Because the “Health Insurance Marketplace” is so screwed up, for lack of a better expression, and likely to remain so for some time, all that we can do is to investigate what information about plans and pricing there is on websites such as https://www.ehealthinsurance.com/ehi/resources/subsidy-calculator#subsidyEstimator http://kff.org/interactive/subsidy-calculator/ From my family data input, the pricing/subsidies which these two websites indicate match fairly closely, in contrast to the current subsidy calculator on the TurboTax website which indicates much larger subsidies. You should also read the following article to see how some, if not many, people will be managing this Brave New World. http://www.sfgate.com/business/networth/article/Lower-2014-income-can-net-huge-health-care-subsidy-4891087.php Reply
Remember, they had to pass it to find out what was in it. Well, those idiot politicians are still finding out.
Brittani, sadly you will not be young and healthy forever. I was young and healthy once, now the only way I can get health insurance to cover a chronic medical condition is through Obamacare. I pray that you, at least, will never have to experience the fear and financial hardship of having to pay medical bills without insurance. Reply
Quit complaining! I can’t work for medical reasons. I worked my whole life and now am on Disability. You try to live on that! You sound like one of those greedy people who want everything, buy everything and never put any money away for a rainy day. Some day you will wish you had. My generation has paid our share into the government. Maybe you need to stop living beyond your income, and have a little more compassion for those less fortunate! Reply
No car insurance covers $50k of medical expenses for yourself or your passengers unless it is Uninsured or Underinsured Bodily injury coverage which is only comes into play if the other vehicle is at fault and they do not have insurance or high enough limits to pay for your or your passengers bodily injury. With healthcare costs, this amount can easily be exhausted. I am an insurance agent and it sounds like you need to speak to yours to clarify what your coverages truly provide. You might be thinking of your bodily injury liability limits but that does not provide coverage for yourself. Reply
I do agree with you though Brittani that we should not be forced to buy health insurance. Besides being forced into it, the deductibles are not affordable. We are not being provided healthcare but health insurance which still comes with many unjusts. I also am in the same boat as you with the plans not being affordable and I live a very meager lifestyle but I also have no debt or loans of any kind.
So what you are saying is that you still want a free ride. People like you are the reason the country is in turmoil while the rest of us hard workers pay taxes that cover you people’s free rides.
My understanding is that the fine/penalty will only be deducted from my refund and will not be added to any tax already owed. Thus, if I have an amount due exclusive of any fine or penalty for not having health insurance, I will not have to pay the fine or penalty correct? Reply
My husband will be on Medicare in 2014, I will not and I choose to have no insurance. Will my penalty be based on my income or on family income? We will be filing jointly. Reply
All you people are complaining about this obamacare and the country is turning into a socialist country, where the heck were all of you during the election? I voted for Romney because he promised to overturn it. It your own faults for voting for owebama, In 2016 do the right thing. Reply
Hopefully the rest of the complainers like myself didn’t vote Obama because u r right if u voted Obama shut up u helped do this to us! Reply
The irony is that I was in the hospital at the time and therefore not able to vote. I called to have the county send someone over for patients to vote but they would not so several votes nationwide are missed by hospital patients. I would not have voted for Obama given the chance to vote at all. I do believe the electoral vote needs to go away. It deters many from voting. EVERY vote should count one by one.
I voted for Romney also. Can’t seem to find anyone who will admit they voted for Obama. He sure got a lot of votes for no one to have voted for him. I think they are to ashamed to admit they were that stupid. Reply
It’s not that they are ashamed its because they know they wont be spending the rest of their life in a concentration camp. So once you are there then you wont have to worry about Obamacare cause you wont be alive long enough to enjoy it..lol. Once the constitution gets changed to allow for a 3rd term then everyone who didnt vote for him will feel the pressure. New World Order.
This is very true. People played into the President’s ploy. I voted for Mitt too, as he is smart business man, who knew this Obama care would obpress the country. We have yet to have a balanced budget. This will take intellegant honest successful who know what it takes to run a business like Mitt Romney who can be trusted to do what is right to create new business, get America back on it’s feet, it won’t happen over night and raising taxes is not the answer. The ways and means committee is a high position that has been played with congressmen who are placed on it to only fail America. Get Rid of the IRS, they have been given to much power to take Americans homes and ruien Americans lives because of penalties and interest an over complicated ever changing tax laws. This is wrong, it’s their Idea of raising taxes on Americans is the big answer to balance a budget, it never has worked. I think anyone who is in the highly position position that effects our nation as a whole should have their motives checked, and do they have the qualifications or just enjoy being in a position of power. Americans deserve better than we have gotten out of elected government. Before anything is done, jobs should have been first before Obama care, getting America back on its feet first. Why wait on this,No one is going to take Obama care serious. We all deserve lower health care costs with no stipulations or punishment attached to it. I’m tired of government stupid decsisions. WE the people don’t need government hurting us any longer. I say if we continue to allow a President to spit on the constitution that needs to go back in place where it was in the beginning, as these men were honest and wanted the best for America. Reply
“your fault” you hit it right on the nose. So many people who don’t pay attention to what’s going on until they realize they are living in socialism. History is repeating itself! How do you like the change now? Too late! These are scary times and everyone needs to pay attention to what’s happening to our country. Reply
What about if we have approved coverage we gain through our employer? Our rates have increased and so has my tax bracket this year- somehow my bring home pay is less than before my raise-since increase in premiums. Do I not receive a tax credit? Only those who purchase through the marketplace will be eligible? We are paying more for the other to use market place I would think we would be eligible for this credit also. I understand TurboTax doesn’t make the laws or impact the laws. Just want to know how this tax credit is effecting me Reply
Sarah, Only those who buy through the exchanges are eligible for the credits. You can see if other members of your household qualify for the credit through the exchange. Because you have coverage through your employer you will not qualify for the credit even if you choose to buy through the exchange. Please read more here – https://www.healthcare.gov/how-does-the-affordable-care-act-affect-me/ Also visit -http://www.TurboTaxAnswerXchange.com for more answers to your specific health care questions. Mary Ellen Reply
Hi Terrie, Right. Your receive a penalty for not having health insurance by March 31, 2014 in 2014, but the penalty is not assessed until 2015 when you file your 2014 taxes. For more answers to your specific health care questions, visit http://www.TurboTaxAnswerXchangec.com Thank you, Lisa Greene-Lewis Reply
No penalty if you have a balance due, only if you have a refund – and it is far less expensive than buying insurance.
As for the penalty, ignoring for the moment the implications of the court challenges to the administrative interpretation by the DHS/IRS, avoiding it will also mean managing ones withheld or estimated taxes more carefully so that one is not left with a refund position at year’s end. Only then can the IRS pick your pocket via this penalty. Otherwise, they have under the law no recourse against you.
I have insurance through my employer. My spouse has insurance through her employer. There is a chance that she could lose her insurance in the near future from her employer. What do we do for her? If she tries to get on my insurance the cost will be too high for our budget. Reply
I live in Michigan with my 2 kids and 1 in college not living with me.They are currently on Medicaid but they are threatening taking it away because I wont open a child support action against my husband who now lives and works in California. We are still together and he helps me financially but we file taxes separately. Will I face the same problems with this health care reform act? Reply
Both my husband and I have health insurance through our employers. I am wondering if way are able to “shop” and compare. In other words, If we find that the market place insurance premiums are less than our employers, can we choose that instead? Reply
My daughters-24 and 26- both are enrolled American Indians and they get medical coverage through tribal-do they need to get other health Insurance thru this Obamacare thing and if they don’t will they have to pay a penalty Reply
My husband and I are legally separated. We share custody of our 2 kids, who are currently included on his insurance policy. I have been uninsured due to a pre-existing condition. We each filed as “head of household” last year, and he claimed both kids as dependents. I would like to get a policy through the ACA Marketplace. Since the kids live with me (slightly more than) 50% of the time, may I claim them as members of my household, which will qualify me for a subsidy? Or do I need to claim them as dependents to do so? If I need to claim them as dependents, would that be starting in 2013 or 2014? Thank you! Reply
My employer supplies health ins but being low income and paying $90. Per month copau plis med copay is killing me. Can I get help with this? Reply
I’m a teacher, and I have insurance through work. I make about $50,000 a year for a family of 5. I believe I qualify financially for Obamacare, but I don’t understand how it would work since I already have insurance through my work. Do I have an option to cancel my insurance with my work (usually you enroll for a full year)? Can I have my normal insurance and Obamacare? I need to get on before March 31st (I believe), or I’ll lose out on another year. How do I work this. Reply
I do not qualify for Medicaid but my children have it.One of the children was getting SSI he no longer receives it.He does not have insurance.Do I need to get coverage for my self and him? I cannot afford the coverage on the job. Reply
You have to have insurance by 2014. If your employer offers you insurance, then you’ll have to sign up with them. You can always try the exchanges, but, because your employer provides the option for you to get health insurance through them, you can not get subsidized if you elect to go through the exchanges. If you can afford neither, then you can elect to pay the pay the penalty (tax) next year, but you’ll still not have health insurance for you or your child. Sorry if this is bad news. Reply
Yes EVERYONE has to have Insurance and if you don’t it we get penalized on our taxes, it excludes Medicaid, Medicare and people who already have Insurance. Reply
HI Tina, Yes, you will have to purchase health insurance for you and your son. Your son may be eligible for Medicaid or the Children’s Health Insurance Program. Please read more here https://www.healthcare.gov/how-does-the-affordable-care-act-affect-me/ Also visit http://www.TurboTaxAnswerXchange.com for more answers to your specific health care questions. Thank you, Lisa Greene-Lewis Reply
Nice work, Lisa. I just found your 30 Sep article. You cover information I had to get from about 12 sources before I found your very informative explanation of Obama Care. Thanks – hope you get a pay raise for excellent work you are doing. Al Reply
What happens to my freedom when you go to the emergency room or worse yet, a hospital stay that you can’t afford to pay for? I’ll tell you what happens, I (and everyone else) has to pay more for our healthcare to make-up for you. And that my friend infringes on my freedom. Reply
U still r paying for people how can’t afford the insurance check into it that’s what this is all about!
JackL Well RickE, if your going to bring that stupid line of thinking in then tell the rest of it. Like when somebody breaks the law and gets sent to prison for it I and you with everybody else pays for it ( don’t we all.) How about insurance itself when you send any of your bills in to make a claim everybody pays for it ( don’t we all). You Liberal Idiot !!!!
As someone directly involved in the healthcare industry, the sad fact is that almost all non-insured or under-insured people in this country did, in fact, receive medical care when needed. Most hospitals provide health care to the indigent because, in many cases, they are faith-based organizations that have a mission to provide the same quality medical care to anyone who comes to them. You are right that, in a sense, everyone who paid insurance had to pay a higher amount for that to happen. So the real travesty is that by the government mandating medical coverage (which will result in almost no significant change in the number of individuals actually receiving medical care), they have added, by one estimate, half a billion dollars in annual costs just for the government jobs created to oversee this massive endeavor going forward – dollars that DO NOT PROVIDE ANY DIRECT MEDICAL CARE – JUST BUREACRACY. A medical insurance broker, who represents every major insurance company in this country, told me that the insurance companies have told him that people who have medical coverage will have their premiums go up by a minimum of 100% to as high as 400%. Everyone, even if they are a single male, will be required to pay for insurance that includes maternity benefits, for example. This is what DavidA meant by losing our freedom. So you, Ricky my friend – I hope you enjoy your freedom as you pay – starting next year – at least double what you were paying before Obamacare.
Yes, the enslavement movement has been building for decades. But to correct some sheep, would you rather pay for people who are not really disabled and are just soaking up the free insurance, SS, unemployment, and foodstamps cause they are too lazy to get off their butts and get a job or would you rather help those who are truly in need? It is way cheaper to have insurance so that you don’t have to pay the extra high costs of Dr.s and ERs, but why should we have to pay for people who just make excuses for not getting a job with insurance? That has been much worse than the new law that was passed. Reply
that had been abvious since about the 1980’s and yet the people keep electing those who think that govt is the answer to anything when more often than not it is the key to the problem. Reply
Enslaved like people in Canada, Australia, Massachusetts, not to mention Americans over 65. Maybe you will be able to get some mental health services. Reply
I read in the healthcare reform act that it is $90,000+ for a family of three before no subsidies are applied. Reply
Hi Ashley, The amount used depends on which years federal poverty guidelines were used. Thank you, Lisa Greene-Lewis
I’m a senior on Medicare with heavy health care costs. Is it true that out-of- pocket costs will now be deductible only above 10% of my adjusted gross income? Reply
Hi Bill, Yes, the medical expense deduction threshold has now increased to 10%, so you can deduct your medical expenses over 10% of your adjusted gross income. For more answers to your specific health care questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Lisa Greene-Lewis Reply
Hi, Are you referring to the medical expense deduction? If so, if you are 65 and over the medical expense deduction threshold is still 7.5%, if you are under 65 the medical expense deduction threshold has increased to 10%. Thank you, Lisa Greene-Lewis
I used Turbo Tax for years, but last year they failed to deliver my Federal return, i am still waiting for it?….Anyone can help me? Thanks. Reply
Since my wife and I will be paying more in insurance costs per Year ($4500) than what the penalty will be for the year ($1200). Wouldn’t it make sense to drop insurance all together, and pick up an insurance policy after the fact. Considering you can not be denied insurance for a pre-existing condition (Cancer, illness, etc)? Reply
There is a difference between a pre-existing condition and a new diagnosis or injury. A pre-existing condition is a known condition. The simple answer is No. The window to enroll is not year round. And the insurance doesn’t have to cover a new injury or diagnosis that you chose to get insurance for just after the fact. The whole idea of the Affordable Care Act is that if people only get insurance when they need it and not before that, then only sick people would have insurance. And no one would be able to afford those premiums. Insurance only works when people are pooled together so everyone pays a little so that when someone needs coverage that person doesn’t get slammed with charges. Insurance only works with shared risk. Reply
Nope, cause you’d be paying twice (or more) that cost per year with just the Dr. and ER bills alone. But you have a right to find something cheaper……, which is one of the whole points of the new law. Reply
That actually makes sense in a horrible sort of way. If you are young and healthy, why not just pay the penalty until such time you find out you are going to start incurring major health bills? Pre-existing conditions will no longer make you ineligible, after all. You could even put an equal amount ($1200) or greater away in a savings acct every year for emergencies and still come out ahead over the new insurance premiums. Is that legal? Reply
Myself and my 32 yr old disabled son who is on SSI live with my ex husband (who is also his father). When I did his taxes last year he was Head of Household and we were dependents, with the Affordable Health Care Act, it has a question do I want to let him take a tax break or not. Will that mean he would have to buy my insurance even tho we are not married? Reply
Hi Laura, You ex-husband would not have to pay for your insurance, but if you are a dependent on his tax return, and you do not have insurance, he would have to pay the penalty of $95 or 1% of his income, whichever is greater. His income will be included in your household income for determining if you are eligible for any credits or other benefits for paying for your insurance. This will also apply to your son if he does not have insurance. For additional answers to your specific health insurance questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Mary Ellen Reply
Hi, You do not have to get additional insurance because you are covered by Medicare. For additional answers to your specific health insurance questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Mary Ellen Reply
My ex is required to cover both our children under his insurance. But according to our divorce decree, he can claim one child on his taxes and I can claim the other. I’m afraid the IRS will be confused and fine me. HELP! Reply
Hi Ekatarina, The insurance companies will be providing information to each of us (and probably the IRS) about who is covered. As long as the kids are covered, you should not have to worry about penalties. For additional answers to your specific health insurance questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Mary Ellen Reply
Hi, I lost my job after 20 years , along with my health care and retirement. Am I going to have to pay a penalty when I have no income at all ? Reply
Here is the problem I also lost my good paying job after 20 years…did not even consider Medicare, food stamps or any other government subsidy. Why, I like to work….went out and obtained another job, make very little money but I take care of me…..cut back on the luxuries
Hi Michael, You should apply for coverage on the Marketplace for your state. If your income is low, you will qualify for Medicaid or for tax credits to help pay for your coverage. For additional answers to your specific health insurance questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Mary Ellen Reply
What if an employer says he is providing his/her employees insurance, taking it out of their weekly paychecks, and is defaulting on the insurance payments to the point that the employees are receiving cancellation notices. Do the employess get penalized for the employers financial issues if the insurance gets cancelled? Reply
You need to contact your state’s employment regulatory agency. What you are describing is illegal. Reply
Hi Wendy, Everyone needs to have medical insurance. If your employer does not provide it and you do not qualify for Medicare, you will need to get coverage. You can apply for coverage on the Marketplace for your state. If you income is low, you will qualify for credits to pay for all or part of your premiums. For additional answers to your specific health insurance questions, please visit http://www.TurboTaxAnswerXchange.com Thank you, Mary Ellen Reply
Heaven help us if we don’t stop this steady march to progressiveism/socialism. America will not be recognizable and most will exclaim, “Why didn’t you tell us it was going to be be this way!” The crony capitalists are getting stronger and the middle class is getting crushed. There are only a very few in Washington that are REALLY trying to stop this onslaught. Most are going-along to get along. Most are trying to retain their political power. They bring sticks to a gunfight. Reply
When all you have is gross generalizations, exaggerations, and name calling…It’s usually the case that you haven’t bothered to find out the facts and believe the people who are counting on you to make a rash instead of informed decision. There are legit arguments on both sides. Relying on bumper sticker talking points and shock jocks won’t get you there. Reply
I am a veteran enrolled in VA Health Care. My sources of income are VA Disability Pension $568/mo. and SS $1096/mo.. Do I need to purchase health insurance? Reply
Hi Mike, If you already have health care through the VA, you don’t need to purchase health insurance through the Marketplace. For more answers to your specific health care questions, visit http://www.TurboTaxAnswerXchange.com Thank you, Lisa Greene-Lewis Reply
I am a small business owner with no employees will this make my insurance any less expensive? and where do I go to purchase insurance? Reply
You’re insane if you think it’s not broken. Hospitals and medical facilities are going bankrupt. .. there is no money because of all these self pay people with no insurance I may not agree with the whole policy, but thank god someone’s doing something about it! Reply
Hi William, No, if you already have Medicare you don’t need to purchase insurance. For more answers to your specific health care questions, visit http://www.TurboTaxAnswerXchange.com Thank you, Lisa Greene-Lewis Reply