How will the Affordable Care Act “Obamacare” Impact you?
The
Affordable Care Act contains new health insurance coverage and financial
assistance options for individuals and families, it also contains new benefits
and responsibilities for employers. In
2014 most people will have to have health insurance or pay a fee. The Health Insurance Marketplace found at www.healthcare.gov
helps uninsured people find health insurance.
Open enrollment for the Marketplace ends on March 31, 2014 and if you
enroll by December 15, 2013, your coverage can begin as soon as January 1,
2014. When you fill out an application at the Marketplace you will find out
what you qualify for including private insurance plans, Medicaid, and the
Children's Health Insurance Program (CHIP).
The IRS will be administering the tax
provisions. There is a premium tax
credit that may help make the cost of purchasing health insurance
coverage. In January of 2014 you must
either have health care coverage, have an exemption from coverage, or make a
payment when you file your 2014 tax return in 2015. If you do not have health insurance in 2014 you will pay a penalty
of $95.00 per adult, $47.50 per child, or 1% of your income (whichever is
greater).
If you are a business owner, depending on the
size of your business will determine if you are eligible for tax credits,
health care options, and your responsibilities as a business owner.
If you have less than 25
full-time equivalent employees may be eligible for a
Small Business Tax
Credit to
help cover the cost of providing coverage.
All information in regards to the Affordable
Care Act was found at www.healthcare.gov or www.irs.gov.
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