The Affordable Care Act (ACA) changes the rules for health insurance. Everyone can now buy coverage. However, the law has a tax penalty for people who do not have health insurance. Coverage may also get cheaper. Many people will qualify for a new tax credits. Others may qualify for free coverage.
Health care reform makes a lot of changes that will affect your family and your taxes. Lerxeng Tax services is here to help you figure out what those changes mean for your family and what you can do about them.
Beginning in 2014, everyone can get health coverage. You can’t be turned down, even if you’re sick.
Coverage will be much less expensive than it has been. Some families can even get free coverage. Others will pay a percentage of their income for coverage, and the federal government will pay the rest.
It will be good insurance. Private companies will offer the coverage — and it will cover most services.
It all starts soon. You can sign up starting October 1, 2013. The deadline for having coverage is March 31, 2014. You can sign up using the new “health insurance marketplace” in your state, which will open for business later this year. Make sure to sign up using only the official marketplace in your state.
Penalties in 2015: If you don’t get and keep insurance during 2014, then you may have to pay a tax penalty the next year. If you owe a penalty, you will pay it when you file your taxes in 2015, resulting in a smaller refund or larger liability.