Obama Care / 5 posts found

Understanding The Obama Care Individual Shared Responsibility Payments?

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Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act kicked in requireing each individual to: Maintain a minimum level of health care coverage – known as minimum essential coverage, or Qualify for an exemption, or Make an individual shared responsibility payment when filing their federal income tax returns. Minimum essential coverage generally includes government-sponsored programs, employer-provided health coverage, and coverage purchased in the individual market, including the Health Insurance Marketplace.  Most people already have health insurance coverage that qualifies as minimum essential coverage, and therefore will not need to make a payment if they maintain their […]

IRS Warns: Obamacare Tax Must Be Paid

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In 2014 Obamas Affordable Health Care Act kicks in and will affect millions of individual Americans. You need to understand your “shared responsibility payments” and your exemptions. We will be covering these issues in our 3 part series on Obama Care. In Part 1 we are giving a general overview of these two primary issues that will affect millions of individuals in the upcoming month, “shared responsibility payments (tax)” and exemptions. If you have any questions concerning Obama Care feel free to call us at (562) 251-1300 So What Are Shared Responsibility Payments? The term “shared responsibility payment” refers to […]

Are You Affected By Obama Care AKA The Affordable Health Care Act?

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profile cover1Obama Care has within it numerous different taxes. However everyone one is not affected the same. Let's take a look at how Obama Care's taxes affect certain income groups.

Obama Care (Affordable Health care Act) Taxes for High Earners and Large Businesses

Most of the new taxes are on what on so called high end earners. This group includes anyone making over $200,000 and families that making over $250,000.  If you own a business with over 50 full-time equivalent employees making over $250,000 you are included in this group. Also if you are in an industry that profits from healthcare you are also included in this group. Essentially who will see gains under Obama Care are required to put money back in the program via taxes.

FACT: Tax increases generally affect single filers with an adjusted gross income (AGI) above $200,000 and married couples filing jointly above $250,000. Some of the tax increases don't kick in until single AGI hits $400,000 and married filing jointly AGI hits $450,000.

Obama Care (Affordable Health care Act) Taxes for the Average American With Health insurance

For most of the 85% of Americans with health insurance, making less than $250,000, most of the new taxes won't mean much of anything, however if you fall in one of the categories below  there are certain taxes that will affect you and your family.

 Obama Care (Affordable Health care Act)  Taxes for the Average American Without Health insurance

There are approximately 15% of Americans without health insurance. These are primarily younger Americans who are just starting out looking for jobs. They will be required to obtain health insurance (Note: this is called the Individual Mandate) or will they will face a "tax penalty".

Complete List of Taxes In The Affordable Health Care Act (Obama Care)

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It has begun. One of the most comprehensive tax bills has been passed. profile cover1. But it is also a huge tax reform bill. Over 35 new taxes and fees have been created by this bill. Many will affect you not just corporate America

This is a list of new Obama Care taxes. Collectively they are supposed to raise over $800 billion by 2022.

These Taxes May Not Directly Affect the Average American

2.3% Tax on Medical Device Manufacturers 2014

10% Tax on Indoor Tanning Services 2014

• Blue Cross/Blue Shield Tax Hike

Excise Tax on Charitable Hospitals which fail to comply with the requirements of Obama Care

• Tax on Brand Name Drugs

• Tax on Health Insurers

2014 Obama Care FAQ

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cropped-Healthcare-News1The Affordable Care Act – also known as Obamacare – provides government subsidies to certain eligible consumers beginning in January 2014. The goal of these subsidies is to make individually-purchased health insurance more affordable for households with annual income below thresholds specified by the law.

Through its Customer Care Center – staffed with over 100 licensed health insurance agents – eHealth receives questions from numerous consumers who are confused about their eligibility for a subsidy, how to go about obtaining one, and how the use of a subsidy may affect their choices when selecting a health insurance plan for 2014. The answers below address some of these questions.

A final determination of any consumer’s eligibility for a subsidy will be made by the government during the application and enrollment process.

QUESTION: How do I know if I qualify for a 2014 health insurance subsidy?

ANSWER: Consumers earning less than 400% of the federal poverty level (about $46,000 for a single person or $94,000 for a family of four) may be eligible for a government subsidy to help them buy coverage in 2014. Whether you receive a subsidy – and the amount of any subsidy you receive – may also depend on the cost of coverage offered in your area. In order to receive a subsidy, you must also be a legal resident of the United States, not incarcerated, and not eligible for other forms of minimum essential coverage (for example, coverage through an employer-based plan or through Medicare or Medicaid).

QUESTION: Where can I figure out what my subsidy will be?