Paying the Fine

Consumers who do not qualify for tax exemption for the health insurance requirement for 2014 will pay a fine via his or her tax returns. The penalties will be determined by one of two calculations, whichever is greater-$95 per person, per year and $47.50 per child under 18. For a maximum per family the penalty is  1% or; $285 of the yearly taxable household income. For uninsured married couples with two uninsured children under 18 and an adjusted annual income of $55,000, for example, the penalty will be $347. Penalties will increase in 2015 and 2016. Using the same...

New Healthcare laws and 2014 tax laws

The healthcare overhaul, which establishes a new federal income-tax penalties for those who fail to obtain what it deems minimum essential healthcare coverage. In 2014, it was the introductory year for the penalties, which can be owed for the months when qualifying health coverage was not in force.  In IRS talk, the penalties are known as “shared responsibility payments.” You do not have worry about penalties if you and members of your family, (if applicable) had qualifying coverage for all of 201. In this case, you would check the box one line 61 of Form...

Affordable Care Act

The ACA requires most Americans to obtain some kind of health insurance, such as Medicaid, Medicare, Obamacare, or employer-provided insurance, or they will face a fine of 2% of their taxable income. The vast majority of consumers who enrolled are qualified for federal subsidies to help him or her pay for their monthly premiums. The subsidies are available to Americans who earn one to four times the federal poverty level, which is $23,850 for families and $11,670 for individuals. Open enrollment for enrolling into a healthcare plan begin on Nov. 15, 2014 and will end on...

The Obama effect: Uninsured rate hit rec...

The percentage of Americans without healthcare coverage in the United States has reached record lows as Obamacare programs continue enrolling new customers. According to data released on Jan. 7 by Gallup, during the last quarter of 2014, an average of 12.9% of Americans lacked coverage. That was a drop from an average of 13.5% during the prior quarter, and represents a 4.2% drop in the year (2013) since Obamacare marketplace began selling insurance plans. The current level is the lowest since Gallup began tracking the number of uninsured Americans through surveys since...

ACA realities

If the latest enrollment figures are any indicator, 2015 promises to be better for Obamacare than 2014. Almost three times as many consumers have selected coverage plans on healthcare.gov than did so in the 2013 open enrollment period. Most of  them being new consumers. The U.S. Department of Health and Human Services estimate about 9 million new customers for 2015, compared with the 7 million in 2014. Open enrollment for healthcare.gov will end Feb. 15. Applicants may use the marketplace to check if they are eligible for Medicaid. By all accounts, Obamacare is working....