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...

Being uninsured in 2015 will cost you

Did you have health insurance in 2014? If not, it may cost you. According to the Affordable Care Act ask known as Obamacare, you may pay fees in your taxes for 2015. If you did not healthcare coverage in 2014. It will depend on how long you went uninsured in 2014. For example, if you were without coverage for less than three months, you might not have to pay. However, if your were uninsured for three months or more, you may be exempt from extra taxes. It will also depend on how much money you make. If you can afforded coverage and chose not to buy it, you will most likely...

87% of Healthcare enrollments risk losin...

New reports released by the Obama administration highlights the very high stakes for challenges to the Affordable Care Act before the Supreme Court. The subsidies, which the court could eradicate are helping a majority of Healtcare.gov enrollees pay for his or her insurance. The reports are the first time that the HHS has delivered the number of consumers who enrolled in coverage for 2015, since open enrollment started on Nov. 15, 2014. As more consumers enroll in healthcare coverage and more of them relying on federal subsidies the potential disruption such a ruling may...

Being an uninsured American will cost yo...

Being an uninsured American will cost a lot in 2015.  It is the first year taxpayers will need to report to the Internal Revenue Service, whether he or she had healthcare coverage for 2014. This is an requirement under President Obama’s Affordable Care Act law. The Americans who remain uninsured will face fines, unless he or she qualify for one of the 30 exemptions, which most will involve financial hardships. Many consumers do not realize it, but the fines will be going up significantly in 2015. Based on government figures, the fines for 2015 will jump to $325 or...

Americans want to select their own Healt...

Nations driven by free markets, it is no surprise that the Affordable Care Act also known as Obamacare is not getting more popular. Americans do not want to be told what the should or should not, can or cannot purchase. The same goes for health care polices. According to a poll conducted by Rasmussen Reports, American’s are pro-choice when it comes to health insurance, Americans do not want the U.S. Government mandating coverage: 75% of Americans believe they should have the right to select between different types of health care polices, which includes the cost to...