Health Care What are Health Insurance Discount Options in the Marketplace? 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 Sep 9, 2014 1 min read If you already have health insurance through an employer, Medicare, Medicaid, or your parents then you probably already met the requirement to have minimum essential health insurance coverage under the Affordable Care Act. But what if you didn’t purchase health insurance to meet the new 2014 requirement? Find out what your health care options are by persona with our infographic. You may be eligible for a discount or subsidy when you purchase health insurance in the Marketplace during open enrollment beginning November 15, 2014 or if you qualify for a special enrollment period. More questions about the new health care law? As with all tax laws, TurboTax has you covered. TurboTax Health can answer your questions about whether or not the new health care law impacts you and your taxes. Previous Post How Will I Prove My Health Insurance Under the Affordable… Next Post Look Ahead When Shopping for Discounted Health Insurance in the… Written by TurboTaxBlogTeam More from TurboTaxBlogTeam 6 responses to “What are Health Insurance Discount Options in the Marketplace?” Did not get insurance this year. I went to market place to find info on the penalty exemption. It says to fill out a hardship form and mail in 2 weeks before filling taxes. If approved they will send me a number to put on my tax forms. Will turbo tax have a place to put the number when I fill out my taxes this year? Reply Hi Tyler, TurboTax will support all the various requiements of the ACA for individuals, including the penalty exemption. Mary Ellen Reply i lost coverage with my job. Am I still eligible for a subsidy if I have a life event. Reply You should be able to apply on your marketplace for coverage. The subsidy will be dependent on your household income and the coverage you have. Reply The subsidy is dependent on your household income and your coverage. You should qualify to purchase coverage on the exchange because of your life event, but you will have to calculate your subsidy based on your income for the year. Reply Andrea, Subsidies require that you meet income requirements (household income must be between 100% and 400% of the poverty level for your state), and purchase your insurance through the exchange. Reply Leave a ReplyCancel reply Browse Related Articles Self-Employed Meet Moira Tax Planning TurboTax Enables Refund Advance to Taxpayers Investments Tax Benefits of Real Estate Investing Self-Employed Business Tax Checklist: What You’ll Need When Filing Uncategorized What Is Deferred Compensation & How Is It Taxed? Investments How Does an Inherited IRA Work? Work Choosing Your Business Structure: 5 Types of Businesses… Tax Deductions and Credits Are HOA Fees Tax Deductible? What You Need to Know Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report…
Did not get insurance this year. I went to market place to find info on the penalty exemption. It says to fill out a hardship form and mail in 2 weeks before filling taxes. If approved they will send me a number to put on my tax forms. Will turbo tax have a place to put the number when I fill out my taxes this year? Reply
Hi Tyler, TurboTax will support all the various requiements of the ACA for individuals, including the penalty exemption. Mary Ellen Reply
You should be able to apply on your marketplace for coverage. The subsidy will be dependent on your household income and the coverage you have. Reply
The subsidy is dependent on your household income and your coverage. You should qualify to purchase coverage on the exchange because of your life event, but you will have to calculate your subsidy based on your income for the year. Reply
Andrea, Subsidies require that you meet income requirements (household income must be between 100% and 400% of the poverty level for your state), and purchase your insurance through the exchange. Reply