You may have heard of the Affordable Care Act. You may also know that it is a law about healthcare. What you might not know is that healthcare reform is tied to your taxes. Let’s take a look at what you should know:
Your taxes and health care are connected. The government is starting new tax programs to help you access free or low-cost health insurance. If you don’t have insurance you may be able to get coverage in those programs. What you qualify for depends on how much money you make and how many people you have in your family.
You might be charged a tax penalty
Insurance coverage may be free for some eligible customers.
For other taxpayers the cost of insurance will depend on their age, where they live, and if they smoke or not. Taxpayers may also qualify for a big tax credit to help pay for insurance. Coverage under Medicaid and the Children’s Health Insurance Program is generally free.
if you don’t buy health insurance for yourself or someone in your family. Each year, the penalty for not having health insurance will get bigger.
For more information, visit our Affordable Care Act Resource Center