Turbo Tax: 6 Things You Need to Know About Health Care Reform

1. Health Care Reform Provides Affordable Insurance to the Uninsured: Most uninsured U.S. citizens and legal residents will be required to purchase health insurance by March 31, 2014
2. Health Care Reform Provides Expanded Coverage: Ability for young adults to stay on parents’ plan until age 26 & individuals with pre-existing conditions cannot be denied coverage
3. You May Be Eligible for a Government Subsidy: Unlike most tax credits, you will not have to wait to receive the credit or subsidy; it'll be applied to your insurance premium when you purchase in 2014
4. You Can Start Checking Insurance Options Before 2014: Beginning in October 2013, if you’re uninsured or looking for more affordable insurance, you can visit your state’s online health insurance market
5. You May Receive a Penalty if Not Insured by March 31, 2014: The penalty in 2014 is $95 per adult, $47.50 per child, capped at $285 or 1 percent of household income depending on income
6. You May Be Exempt from the Health Care Reform Law: You may not be required to purchase insurance if you have financial hardship or the lowest cost plan option exceeds 8% of your income

Source: Turbo Tax
Source URL: http://blog.turbotax.intuit.com/2013/07/16/seven-things-you-...