Health & Fitness
Weekly Tax Tip:What is Affordable Care Act (ACA) / Healthcare Reform
Affordable Care Act (ACA) ? Healthcare Reform?? What does all this mean to me? How do I get healthcare coverage?
The Affordable Care Act (ACA) changes the rules for health insurance. Everyone can now buy coverage. However, the law has a tax penalty for people who do not have health insurance.
Coverage may also get cheaper. Many people will qualify for a new tax credits. These credits will help pay for their health insurance. Others may qualify for free coverage. To receive these benefits you have to file your tax return.
Therefore, taxes and healthcare are now related!
- The government will pay these credits directly to the insurance plan that the person picks; the person enrolled will just pay his or her share of the premium to the company
- Medicaid Expansion: Michigan has expanded Medicaid. Up to now, Medicaid covered only people on the “five finger” test (i.e., or the aged, blind, disabled, children, pregnant/parenting adults). Now, can get coverage if you are not on the five-finger test (for example, if you are an adult under 65 without children).
- Michigan also raised the amount of income you can make and still qualify for Medicaid. Enrollment has already begun. This means you can obtain Medicaid coverage starting now there is no waiting until 2014!
While persons can apply for Medicaid throughout the year, individuals can only access the tax credit programs and enroll in qualified health plans at certain times.
Don't Wait! The exchanges will offer an initial six-month open enrollment period for 2014 between October 1, 2013 and March 31, 2014; thereafter, the open enrollment period will be October 15 to December 7 (which is consistent with that in Medicare). Individuals can enroll between open enrollment periods only if they have special qualifying events.
Want to know if you qualify for Medicaid coverage and get insured immediately?
Want to know how much of a tax credit you will receive and the price to obtain health insurance?
Want to enroll in health care coverage now and have coverage in the New Year?
Attend The Affordable Care Act FREE Seminar in our location Clawson Jackson Hewitt Office. Our experts will be walk you through this process and help you to obtain the coverage you need.
Monday December 2nd 6:30pm in our office located at 1226 W 14 Mile Rd at Crooks in the CVS Plaza. Limited seating available please call 248-505-3505 to register!