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03/21/2014

New Affordable Care Act Provisions

Stethoscope on flagNEW:  The deadline for individuals to sign up for health insurance online has been moved to April 15th to allow more time for those people who may have had a difficult time accessing the healthcare.gov website.

The following information was published before this deadline change--though the other content below is still accurate, consumers need to be aware that provisions of the Affordable Care Act are subject to change amidst budget and political pressures:

The IRS has published an updated and more-detailed explanation of the tax provisions of the Affordable Care Act (i.e. ACA or Obamacare).   The agency is charged with collecting non-compliance penalties, as well as confirming and sending credits to qualified taxpayers and businesses that need assistance paying for the coverage.

The Obamacare mandates and rules are extensive.  The newly-updated information contains recent changes to deadlines and penalties in a number of categories. To help you find the specific ACA information that applies to your concerns, click on the description category below.

Individuals and Families

Small Business Employers  (Fewer than 50 full-time employees or equivalents)

Large Business Employers  (50 or more full-time equivalent employees)

Other Organizations  (Self-insured organizations, tax exempt and government organizations)

The registration deadline for qualified health insurance coverage is March 31st

As we explained in a previous blog Individual Shared Responsibility Payment or Penalty?, if you (as an individual) don’t have qualified health insurance coverage and have not registered this year, you’re required to pay as a penalty the higher of either 1% of your income, or $95 per adult ($47.50 per child). You'll pay the penalty on your 2015 income taxes.

If you have health insurance coverage you may still want to compare prices and benefits through the online marketplace at healthcare.gov.

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