HCPLive Network
PERSONAL FINANCE

ACA and Your 2014 Taxes

Laura Joszt | Friday, August 03, 2012
Sure, you know everyone has to purchase health insurance (or pay a penalty) as a result of the Affordable Care Act, but the health reform law affects people more than that. Have you considered your taxes?
 
It may be two years away, but it’s important to keep in mind that in 2014, Americans need to be able to show that they had health insurance coverage for the entire calendar year, according to H&R Block. No coverage means a penalty that’s included on the tax return.
 
If you’re getting coverage through your employer, then you don’t have much to worry about. Employers do, however, have to report the amount of health insurance premiums paid on employees’ Form W-2, according to H&R Block. The purpose of this is just “to help facilitate the implementation of the individual mandate provisions and to help employees understand and make comparisons about insurance costs.”
 
Where individuals should pay attention is if they will be purchasing insurance through a state-based insurance exchange. People in the state-based exchanges might be eligible for a government-provided subsidy to cover a portion of their monthly premiums.
 
“Individuals that obtain coverage through the state based exchanges will also receive a reporting document from the exchange that details the months the individual had health coverage and the amount of monthly subsidy, if any, received,” according to H&R Block.
 
However, the tax credit that helps individuals and families afford health insurance doesn’t take effect until 2014, the same year Americans will be made to pay a penalty if they choose not to purchase insurance coverage.
 


RELATED ARTICLES
One accountable care organization saved $8.5 million and received a check from Medicare for $4.2 million after 17 months. Suddenly, they had physicians clamoring to join.
While private investments in early-stage companies have the potential for significant upside, they also carry significant risks. If adequate documentation is not available, proceed cautiously, if at all.
Simply shifting from manual to electronic transactions for just 6 processes could save physicians and other healthcare providers billions of dollars.
RECENT CLINICAL ARTICLES
Even though the active ingredient in marijuana can be associated with memory impairment, it may slow or halt Alzheimer’s disease.
Peripheral neuropathy was found in a third of HIV patients in a recent study of 58 men with a median age of 36 years.
A prognostic model has been developed and validated which has adequate discrimination for major outcomes in type 1 diabetes, according to a study published online Aug. 28 in Diabetologia.