Health Care Why Shop in the Health Insurance 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 Nov 14, 2014 1 min read If you need to buy health insurance to comply with the Affordable Care Act mandate that most Americans get coverage or face a tax penalty, you may want to begin your search in the Health Insurance Marketplace that offers discounted plans. The open enrollment period to purchase plans in your state and federally operated Marketplace runs from Nov. 15, 2014 to Feb. 15, 2015. Here’s what you’ll find: Discounted health insurance The Marketplace is the only place you can apply for discounted coverage with government assistance to defray the costs of health insurance. These savings can add up whether you buy individual or family coverage. Depending on your income and family size, you may be eligible for tax credits toward the cost of monthly premiums and government subsidies to help pay for out-of-pocket expenses such as deductibles, coinsurance and co-payments. Qualified health plans Policies sold in the Marketplace are considered “qualified health insurance plans” as required by the Affordable Care Act, so you won’t be subject to a tax penalty. Marketplace plans are guaranteed to include a package of essential health benefits and cover at least 60 percent of the total cost of your medical services. These requirements apply to plans sold outside or inside the Marketplace. Shopping elsewhere You can purchase health insurance in the private market, but you won’t be eligible for discounted coverage. To avoid a tax penalty, you’ll also need to make sure these plans comply with the law’s essential health benefits and minimum coverage requirements. As with all tax laws TurboTax is up to date and has you covered. If you have more questions about open enrollment and if the Affordable Care Act impacts you and your family go to TurboTax Health for answers. Previous Post Six Things to Watch During Open Enrollment Next Post Health Care, Taxes, and You: What Subsidies Offset Health Insurance… 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 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