Health Care The Affordable Care Act Timeline for Individuals and Families [Infographic] Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxBlogTeam Published Mar 14, 2013 - [Updated Aug 9, 2013] 1 min read The Affordable Care Act or healthcare reform was signed into law on March 23, 2010. Some tax provisions related to the law took affect in 2010, but the requirement to purchase health insurance and how the purchase relates to your taxes doesn’t go into effect until 2014. Still, Americans remain confused about when they need to purchase health insurance and when the requirement to purchase health insurance impacts their taxes. Our experts at the American Tax and Financial Center at TurboTax put together this helpful infographic timeline to dispel the myths about healthcare reform and let you know when the key dates and events take place. Infographic by Column Five Media [tt_share_code url=”http://images.blog.turbotax.intuit.com/swf/TurboTax-ACA-Timelinecopy.png” width=”580″ height=”2068″ title=”TurboTax-ACA-Timeline” alt=”TurboTax-ACA-Timeline”] Previous Post 6 Tax Tips for Military Personnel Next Post TurboTax Health Care Eligibility Calculator Written by TurboTaxBlogTeam More from TurboTaxBlogTeam 9 responses to “The Affordable Care Act Timeline for Individuals and Families [Infographic]” As always the working force will never get any benefit. Reply The tax system is voluntary, and goes to the queen of England. Reply Dear Lisa, I have had a tax-deferred IRA since 1996. My husband and I have a combined income of less than $35,000.00/year. I don’t intend to take a distribution or withdrawal from the IRA for several years. Will my husband and I qualify for health insurance under the ACA? Reply I would rather pay the penalty than pay $4000+ a year in health care coverage that I never use! Reply Never use? Anything can happen to you, which is why you need health insurance. It is to ensure that your hospital bills or any related health bills you might incur in the future. Unforseen accidents happen, valuing your life at $4000+ is a small price to pay to be alive. Reply I’m a Disabled Vet, my wife works part-time, with a diabetic type I condition. How are we going to afford insurance premiums. My budget is already on the edge. I’m not like the gov who can print their own money. And I’m not like the President & Congressmen with their cadillac health care provided by my tax dollars, who are imposing their will on me. The mafia calls it extortion, Congress calls it legislation. From my perspective it seems the same. Reply As a disabled veteran with a wife who has diabetes, you should be celebrating the upcoming effective date of the Affordable Care Act (ACA). Your chances of losing everything from a massive health care bill just became far less. In addition, you should know that your premium will be based on your income. It is likely that you will be subsidized to a significant extent, based on your self described “part-time” work status How have you been taking care of your medical needs up to this point? By going to hospital emergency rooms and expecting the taxpayers to cover your expenses? Grow up and learn to take responsibility for your needs. The ACA will be a benefit to all. Reply Thanks for the info. I can see a lot of low income people not filing their income tax in furture years. They can barely afford food, much less insurnace premiums. Reply Hi D, Your welcome. Individuals under the IRS income filing requirements of $9,750 for single, 12,500 Head of Household, and 19,500 Married Filing Jointly will not be required to purchase health insurance under the Affordable Care Act. There are also a few other exceptions. Individuals making under a certain income level may also be eligible for Medicaid under the Affordable Care Act. Thank you, Lisa Greene-Lewis Reply Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?
Dear Lisa, I have had a tax-deferred IRA since 1996. My husband and I have a combined income of less than $35,000.00/year. I don’t intend to take a distribution or withdrawal from the IRA for several years. Will my husband and I qualify for health insurance under the ACA? Reply
I would rather pay the penalty than pay $4000+ a year in health care coverage that I never use! Reply
Never use? Anything can happen to you, which is why you need health insurance. It is to ensure that your hospital bills or any related health bills you might incur in the future. Unforseen accidents happen, valuing your life at $4000+ is a small price to pay to be alive. Reply
I’m a Disabled Vet, my wife works part-time, with a diabetic type I condition. How are we going to afford insurance premiums. My budget is already on the edge. I’m not like the gov who can print their own money. And I’m not like the President & Congressmen with their cadillac health care provided by my tax dollars, who are imposing their will on me. The mafia calls it extortion, Congress calls it legislation. From my perspective it seems the same. Reply
As a disabled veteran with a wife who has diabetes, you should be celebrating the upcoming effective date of the Affordable Care Act (ACA). Your chances of losing everything from a massive health care bill just became far less. In addition, you should know that your premium will be based on your income. It is likely that you will be subsidized to a significant extent, based on your self described “part-time” work status How have you been taking care of your medical needs up to this point? By going to hospital emergency rooms and expecting the taxpayers to cover your expenses? Grow up and learn to take responsibility for your needs. The ACA will be a benefit to all. Reply
Thanks for the info. I can see a lot of low income people not filing their income tax in furture years. They can barely afford food, much less insurnace premiums. Reply
Hi D, Your welcome. Individuals under the IRS income filing requirements of $9,750 for single, 12,500 Head of Household, and 19,500 Married Filing Jointly will not be required to purchase health insurance under the Affordable Care Act. There are also a few other exceptions. Individuals making under a certain income level may also be eligible for Medicaid under the Affordable Care Act. Thank you, Lisa Greene-Lewis Reply