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
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
TurboTax offers health care support through the
Health Care Hub
and the TurboTax AnswersXChange
to help get the answers and guidance that are needed to make the best
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
Important Things To Know About
The New Health Care Act: Obamacare
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
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.
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
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
Consumers making more than the
federal poverty line, but less than four times the poverty line can
purchase subsidized insurance through the insurance
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
The Health Care Marketplace In Your State Now! >
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.
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.