Beginning Oct. 1, millions of uninsured Americans will begin making important decisions about health care coverage for themselves and their families. As a part of the Affordable Care Act (ACA) or "Obamacare" Health Insurance Marketplaces start opening, allowing people without health insurance to start shopping and purchasing insurance. Lisa Lewis, CPA and healthcare expert at TurboTax, joined us to sort through the misinformation, myths and questions surrounding the Affordable Care Act.
Healthcare reform basics:
- All Americans (with a few exceptions) will be required to have health insurance either through their employer, a private provider or through a state or federally assisted program by March 31, 2014. If you don't have insurance by that date, you will receive a penalty on your 2014 tax return (the one you file in 2015).
- If you already have health insurance, you don't have to change a thing. You are all set!
- If you don't have insurance, you'll be able to shop for and purchase health insurance through the online Health Insurance Marketplaces starting October 1. Through the marketplaces you will be able to compare and shop for the best plan for you and your family.
- If you can't afford to buy health insurance, you may be eligible for financial assistance from the government to help pay for the cost, called a subsidy or a health care tax credit.
- If you have questions, TurboTax has built a new, online community that provides answers to individuals' personal health care questions to help them take the right action based on their unique situation. The TurboTax Community is designed to answer the most frequent questions and concerns people have: "What does this mean to me? And "What should I do?"
To access the TurboTax health care calculator and their online community, click here.