health insurance

There are a few key things to know about Obamacare when filing your taxes. Every state requires a minimum amount of health insurance to remain free of penalty from the government at tax time. If you are uninsured, you will most likely have to pay an ever-increasing penalty when you file your taxes. Fees for 2014 are 1% of your income, fees for 2015 will be 2% of your income, and the amount is likely to steadily increase as time goes on. Although there is a cap of about $1000 per family per year for being uninsured, that is a steep penalty for most people who depend on their tax refund money to keep them afloat during part of the year.

A few big changes have been made, and if you have done what was expected of you during the year, your taxes should be relatively easy to file without penalty. The Affordable Care Act was designed to help people who are uninsured or under-insured obtain medical coverage even with pre-existing conditions, and has changed the way that taxes are done for many people.

Many people will qualify for a government subsidy to help take care of most if not all of your insurance costs if they have purchased health care for themselves or their families through the Affordable Care Act. Depending on big life changes such as marriages, births, deaths, divorces, and in some cases natural disasters, you will have to fill out some new forms this year to ensure the accuracy of the amount of your health care subsidy.

If you are filing taxes this year, it is very important to know a few things about Obamacare in order to make sure that you file correctly. Obamacare, also known as the Patient Protection & Affordable Care Act puts forth a fairly new set of regulations that state that every person in the United States must have health care coverage in order to meet the requirements agreed upon by lawmakers.

There are several options to choose from whether you go through the Healthcare Marketplace or through a private provider. Government provided insurance also counts, but you want to make sure that you are covered when at all possible. There are new rules and regulations in place that have changed a few things as far as the process for filing income tax paperwork goes, and you want to be sure that you know about them to avoid unnecessary tax penalties and delays in getting your refund back.

Under the Affordable Care Act, it is now necessary to have health insurance in most cases. Those who are eligible for health care benefits are required to obtain coverage whether it is from a private sector health insurance company or through your employer.

Medicaid and Medicare are also included in the types of insurance that are acceptable when it comes to the new health care laws under Obamacare. If you are within a certain income bracket and you do not acquire health insurance, you will be subjected to a penalty when you file your taxes, and this amount can be almost $1000 per family depending on how many people are in your household.