Posts Tagged with: Obamacare

There’s a lot of information out there regarding the Affordable Care Act (ACA), but what does the ACA really mean for younger Americans? Historically, young adults have been the highest uninsured age group, accounting for 30% of Americans without health insurance.*
This past summer, if you purchased health coverage from the Marketplace, you may have received a letter from the IRS showing that advance payments of the premium tax credit were paid. At the time, the IRS had no recollection whether the taxpayer filed a tax return in 2014.
Did you find wedded bliss this year? Congratulations! Now get back to that to-do list. Along with all the other things newlyweds must do, comes this addition – a health insurance review.
While almost 200 million Americans file a tax return every year, there are some that have not needed to. However, that will change with the implementation of the Affordable Care Act (ACA), also known as Obamacare.
Speculation that many individuals will opt to pay the annual penalty instead of acquiring health insurance has the success of the Affordable Care Act (ACA), also called Obamacare, in question. However, recent numbers from the Department of Health and Human Services (HHS) show an increase in young adults (18 - 34) who have enrolled in the Health Insurance Marketplace plans in the last month.
The deadline is just weeks away for Americans to get health insurance and avoid the tax penalty. By March 31, 2014, every American must have health insurance unless they qualify for an exemption (see below) or face the penalty.