Hope this will answer some of your questions on the ACA From the VA US Department of Veterans Affairs: What is the Affordable Care Act? The Affordable Care Act, also known as the health care law, was created to expand access to affordable health care coverage to all Americans, lower costs, and improve quality and care coordination. Under the health care law, people will have health care coverage that meets a minimum standard (called "minimum essential coverage" by January 1, 2014. qualify for an exemption, OR make a payment when filing their taxes if they have affordable options but remain uninsured. In 2014, Health Insurance Marketplaces will be a new way to find health coverage. On the Marketplaces, some people may be eligible for lower costs on health premiums and out-of-pocket costs based on their income. You do not have to make a payment if you have coverage that meets a minimum standard. If you have access to affordable coverage but remain uninsured starting in 2014, you may have to make payment when filing your taxes. This payment will either be a flat fee or a percentage of your taxable household income, depending on which amount is higher. This payment will be phased in according to the schedule below: $95 or 1% of your taxable income in 2014 $325 or 2% of your taxable income in 2015 $695 or 2.5% of your taxable income in 2016 Exemptions from the payment will be granted under some certain circumstances. For more information on these exemptions, visit healthcare.gov.
Posted on: Fri, 20 Sep 2013 11:11:04 +0000
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