Health Care Look Ahead When Shopping for Discounted Health Insurance in the Marketplace 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 Magaly Olivero Published Sep 26, 2014 2 min read If you require health insurance in order to comply with the Affordable Care Act and you are eligible to shop in the Health Insurance Marketplace, taking the time to closely estimate your 2015 income and family size during the 2015 open enrollment period will make the process of shopping for discounted health insurance easier in the long run. You’ll need information about your household income and family size to apply for subsidized or discounted coverage in the online Health Insurance Marketplace. The open enrollment period to buy coverage for 2015 runs from Nov. 15, 2014 to Feb. 15, 2015. Closely estimating your income matters because your subsidy or premium tax credit is based on your projections. If your estimate is too high, you may miss out on a bigger subsidy to help you pay for your insurance until you file your taxes. If you underestimate your income, your 2015 tax refund may be reduced by the additional advance premium tax credit or subsidy (subject to certain caps) you received. If you purchase Marketplace health insurance, it is best to report any changes in income or family size to the Marketplace as soon as you find out about the changes. Of course, no one can predict the future. But you can get a clearer picture of what’s in store by considering these factors. Family size Is your family expanding because you’re expecting a baby or moving elderly parents into your home? Maybe your family is shrinking with older children moving out. Income changes Do you foresee a drop in household income due to an early retirement or maternity leave? Maybe you’re anticipating an income boost in 2015 because your business is booming or you’re expecting a raise. Citizenship/Immigration status If you recently became a U.S. citizen or you have an eligible immigration status, you can now shop in the online Marketplace where you may qualify for a subsidy. You’ll need to verify your citizenship or immigration status when you buy coverage. More questions? TurboTax has you covered. As with all tax laws, TurboTax will answer your questions to help you understand how the new health care law impacts you and your finances with TurboTax Health. Previous Post What are Health Insurance Discount Options in the Marketplace? Next Post Who’s Exempt from Health Insurance Under The Affordable Care Act… Written by Magaly Olivero Magaly Olivero is an award-winning writer and has written for many national and regional media outlets, as well as corporate and nonprofit clients in the healthcare, tax and education industries. Her publishing credits include U.S. News and World Report, Newsweek, The New York Times, Working Woman, Better Homes and Gardens and the Connecticut Health Investigative Team. Magaly is a recipient of a National Journalism Fellowship from the University of California Annenberg School of Communication and a Health Coverage Fellowship from the Blue Cross Blue Shield of Massachusetts Foundation. More from Magaly Olivero One response to “Look Ahead When Shopping for Discounted Health Insurance in the Marketplace” A Independiente in Argentina, Santos FC, Sao Paolo, Internacional, Corinthians and Flamengo in Brazil are also close with a large, passionate following. As Federer said: “On Fabregas, as long as he does not sign one day and Barcelona, AC Milan, there is hope. Something that fits comfortably is the most important thing there is. Reply Leave a ReplyCancel reply Browse Related Articles Uncategorized What Is Deferred Compensation & How Is It Taxed? Investments How Does an Inherited IRA Work? Work Choosing Your Business Structure: 5 Types of Businesses… Tax Deductions and Credits Are HOA Fees Tax Deductible? What You Need to Know Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains
A Independiente in Argentina, Santos FC, Sao Paolo, Internacional, Corinthians and Flamengo in Brazil are also close with a large, passionate following. As Federer said: “On Fabregas, as long as he does not sign one day and Barcelona, AC Milan, there is hope. Something that fits comfortably is the most important thing there is. Reply