Healthcare Reform: Affordable Care Act

10 Important facts that may affect your taxes

-The Affordable Care act has been implemented and this will affect all uninsured clients

-It is estimated that over 7 million people are uninsured in California alone.

-The affordable Care Act only affects the individual market and businesses are exempt from insuring employees in 2014.

-In 2015, Employers with more than 50 employees who do not offer health benefits will be charged a $2,000 fee for each uninsured employee.

-Open enrollment in the Health Insurance Marketplace began October 1st 2013

-In 2014, health insurance will be “guaranteed coverage”, individuals cannot be denied coverage based on any medical conditions

-The tax penalty in 2014 for not having health insurance will be $95 (per adult and dependent or 1% of annual income, whichever is higher. The Penalty Fee for children is half the adult tax penalty.

-This tax penalty will increase every year. In 2016, it will be 2.5% of annual income or $695 per person whichever is higher.

- Individuals with incomes below 400% FPL may qualify for financial assistance in the form of “advance premium tax credits” and “cost sharing”.

-ALL TAXPAYERS MUST PROVIDE PROOF OF INSURANCE TO THEIR ACCOUNTANT DURING TAX PREPARATION TO AVOID TAX PENALTIES.

**Let’s face it: Tax season is busy enough! The last thing you want to be doing is answering health insurance questions forcing us to delay your return and file for extensions!
Speak to an LHIS Agent today!

-LHIS agents have been providing health insurance services to the local community since 2002.

-LHIS has been recognized as a Premier Partner with Anthem Blue Cross since 2009.

-LHIS has 40+ experienced, licensed, Covered, CA certified, multilingual insurance agents ready to provide quality service to each individual client.

 

Category: Tax Alerts