Check Your Qualifications For ObamaCare With The TurboTax 2014 Health Care Calculator
TurboTax offers extensive guidance for tax preparation and now with the new heath care laws, they offer tools to help us understand what we need to do to comply with Obamacare, and how to avoid confusion and penalties.
Tax season is stressful enough without trying to understand Obamacare and get our health care insurance arranged so that we are not subjected to penalties.
Fortunately TurboTax offers all the guidance needed to help us understand what we need to do, and how to do it.
The TurboTax Health Care Calculator
is a great tool to help us decipher how the new health care laws effect us. TurboTax offers
health care support through the TurboTax
Health Care Hub
and the TurboTax AnswersXChange to help get the answers and guidance that are needed to make the best decisions.
TurboTax offers these online resources to help consumers decipher the health care transitioning process for the Affordable Care Act. With proper guidance, consumers can implement the best choices that fit their specific health care needs, and figure out what effects it will have on their taxes. TurboTax also helps discover any tax related advantages that could positively effect your tax return refund.
Important Things To Know About The New Health Care Act: Obamacare
- The insurance marketplace opened October 1st 2013. This is where individuals and families can compare health care plans to select the best option for their budget.
- Starting in 2014 most Americans, with a few exception, are required to have health insurance coverage
- Some consumers may qualify for subsidies to help pay for their insurance. Income level restrictions apply.
- If you do not have qualifying health insurance coverage you may face penalties that are assessed on your taxes.
- If you are already insured by your employer or Medicaid, you already comply and there is nothing you need to do to keep your current insurance policy in place.
- Not all individuals can qualify for insurance thru the exchange. Income and poverty levels effect eligibility
Through the government online health insurance exchange website, individuals and families can determine if they are eligible to receive insurance through the exchange. They can also determine if they are eligible for a subsidy or tax credit that can be applied to their tax return that will help them afford an insurance plan.
Some low income individuals will be directed to Medicaid where they may receive insurance coverage for free, or at a more affordable cost than what they find on other venues.
Modified adjusted gross income” (MAGI) for an individual or family is the benchmark used to determin who qualifies for insurance through the health care exchange. Salaries, tips, wages, capital gains and other income are all used to determine qualification.
Consumers making more than the federal poverty line, but less than four times the poverty line can purchase subsidized insurance through the insurance marketplaces.
State Health Care Exchanges
Many states will have their own Health Insurance Marketplace offering a variety of plans from participating health insurance providers. Four levels of insurance will include the Bronze, Silver, Gold and Platinum – which are based on how you and the plan share your health care costs. If your state doesn't have its own Marketplace, you can sign up for insurance through Healthcare.gov
Anyone can get on the exchange to choose and purchase their insurance package but, under the Affordable Care Act, insurance doesn't kick in until January 2014.
The TurboTax Health Care Eligibility
Calculator will help consumers find out what the Affordable Care Act will cost them as they
comply with the health care reform parameters.
The TurboTax health care calculator is a tool that was created to help consumers find out if they are eligible for subsidies or credits for health insurance costs. It also helps consumers determine if they qualify for healthcare coverage through the Health Insurance Marketplace. It's a great tool to take the complications out of the picture when it's time to apply for health insurance.