Affordable Care Act Premium Tax Credit

Health care coverage can be a heavy burden for those who have a tight budget. Luckily, the IRS has allowed for a premium tax credit for those who have moderate incomes and need help paying for health care coverage. To be eligible for the premium tax credit, the IRS says you must: Get health insurance coverage through the Health Insurance Marketplace Have a household income between one and four times the federal poverty line Not be eligible for other coverage, including Medicare, Medicaid, or sufficiently generous employer-sponsored coverage To read more on the Premium Tax Credit, visit the IRS' website. If you don’t have health insurance coverage in 2014 or you experience a … [Read more...]

Affordable Care Act Individual Shared Responsibility Payment

With the implementation of the Affordable Care Act, also known as “ObamaCare,” health care coverage is now required. If you do not have coverage, the IRS can charge you with an individual shared responsibility payment when you file your taxes in 2015. There are three reasons why you would have to make a payment: You have not signed up for a qualifying form of health insurance coverage You had a gap in coverage in 2014 (if it was less than 3 consecutive months, you might qualify for an exemption) You didn’t qualify for an exemption According to the IRS, the amount you owe will be based on the greater of: 1 percent of your household income that is above the tax return filing … [Read more...]

Qualifying Forms of Health Care Coverage under the Affordable Care Act

Trying to sift through changes and updates in health care laws can be a long and arduous task, so to save you valuable time, I’ll be laying out some of the basics of the Affordable Care Act in my next couple of blog posts. First, you need to get health insurance coverage if you haven’t already done so. For 2014, the IRS’ qualifying forms of health care coverage include: health insurance coverage provided by your employer (including COBRA and retiree coverage), health insurance coverage you purchase through a Marketplace, Medicare, Medicaid or other government-sponsored health coverage including programs for veterans, or coverage you buy directly from an insurance company. If … [Read more...]