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Obamacare Taxes

Obamacare Taxes

Obamacare taxes (from Affordable Care Act) will probably affect your healthcare insurance cost decision.  If you do not have health insurance through your employer you need to get insurance or pay a penalty. Obamacare taxes could mean that you get a federal subsidy for your health insurance.  Plus, if you own a small business you will not be required to provide health insurance.  But, you could get tax credits to reduce the premium costs of any group plan you choose to offer to your employees. Obamacare taxes Individuals – Americans who can afford to must obtain minimum essential health coverage for 2014, get an exemption or pay a per moth fee. Employers – In 2015 large employers must insure full time employees or pay a per employee fee. Over half of American get their health insurance through work and the largest group of uninsured is currently the working poor. Advanced premium tax credits – low to middle income Americans are eligible for tax credits which reduce the upfront cost...

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Qualify for Obamacare Tax Credit

Qualify for Obamacare Tax Credit

Anyone without health insurance should be thinking about how to qualify for Obamacare tax credit. This could be your opportunity to finally get health insurance. If you do not purchase health insurance then you may have to pay a penalty. The penalty is calculated based on your income. Depending on your financial situation it may make sense to pay the penalty if the insurance rates are too high and you do not qualify for a tax credit. Although they are called credits, the payments made under Obamacare are really a government-funded subsidy. You don’t need to owe any income taxes to receive the credit. And it’s paid directly to your health insurance company, not to you when you enroll in your health insurance plan. This means that you will not need to wait until your taxes have been filed and processed in to receive the credit; nor will you need to pay the full premium when you purchase health insurance and then wait to be reimbursed. How much is...

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