New Health Insurance Requirements

Affordable Care Act (Obamacare):

How will the Affordable Care Act effect your taxes?

Click here to view some of the Affordable Care Act (Obamacare) Tax Provisions for individuals and families, employers, and other organizations

Here is a quick overview of the key tax related provisions that may affect those without insurance, those who plan to go without insurance, and those who are struggling to afford insurance now.

  • Individual Mandate (new tax): Those who can afford to obtain minimum essential health coverage for 2014 must, or seek an exemption, or pay a per month fee. Starting in 2014, anyone not buying “qualifying” health insurance must pay an income tax surtax at a rate of 1% or $95 in 2014 to 2.5% in 2016 on profitable income above the tax threshold.
  • Employer Mandate (new tax): Come 2015 large employers must insure full time employees or pay a per employee fee. Over half of Americans get their insurance through work and the largest group of uninsured is currently the working poor.
  • Advanced Premium Tax Credits (tax break): Low-to-middle income Americans are eligible for tax credits which reduce the upfront cost of premiums on health insurance purchased through their State’s “Health Insurance Marketplace”
  • Small Business Tax Credits (tax break): Small businesses may be eligible for tax credits of up to 50% of their cost of employee premiums through the Small Business Health Options Programs

For more information regarding the effects of the Affordable Care Act please reference our blog post: Income Tax Changes 2014

New documentation we need:

Depending on which you qualify for we will need one of the following forms in order to complete an IRS form:

1095-A (if you receive health insurance coverage through a marketplace)

1095-B (if you purchased private health insurance, had self-insured employer coverage or coverage though a government program)

1095-C (if you receive health insurance through a large employer with an employer-sponsored plan)



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