ObamaCare’s Cadillac Tax is a 40% excise tax on high end plans above $10,200 for individuals and $27,500 for family coverage that was set to start in 2018 but was been delayed. This tax is not deductible. The excise tax is one of the main revenue sources for the ACA, helps curb healthcare costs, and… Read More
Second Lowest Cost Silver Plans and Lowest Cost Bronze Plans Explained The Second Lowest Cost Silver Plan (SLCSP) is a plan on each state’s Marketplace used to determine cost assistance for ObamaCare. Likewise, the Lowest Cost Bronze Plan in each state’s marketplace is used to determine affordability. This page covers everything you need to know about Second… Read More
How Repaying ObamaCare’s Premium Tax Credits Works If your income changes, you may have to pay back Advanced Premium Tax Credit Payments up to the Advanced Tax Credit Repayment Limit based on your income. If you don’t claim enough money to qualify for tax credits, you won’t owe back anything. IMPORTANT: The 400% Federal Poverty Level… Read More
Under ObamaCare, you are allowed one short coverage gap exemption which covers less than three months in a row without coverage each year. In other words, you are exempt for two full months but need to have coverage for at least one day of the third month. Beyond the short coverage gap exemption, there are other… Read More
If you don’t have your 1095A form you can view it online. You can also contact the Marketplace Call Center if you find any errors on your 1095A.
Everything You Need to Know About Your 1040 and the ACA You’ll need to file a 1040 form under ObamaCare, find out what sections of the 1040 apply to health insurance and what type of 1040 you need to file. Need to Print Out a 1040 Form? Get a list of all 1040 forms and instructions… Read More
Get the facts on low cost health insurance, how Medicaid and Marketplace subsidies can lower your costs, and how to get affordable coverage. Getting low cost health insurance is a little more complicated than just finding the right broker, picking the lowest premium plan, or general cost sharing amounts. It’s about understanding what cost assistance you… Read More
A list of ObamaCare’s Exemptions, including Hardship Exemptions, you can apply for in order to qualify for Special Enrollment or be exempt from the fee can be found below. This page just covers the basics, see our page on ObamaCare Exemptions for further details on exemptions and the fee (active on plans held in 2014 –… Read More
A US citizen that resides 3/4 of the year in France and has an insurance policy with travelers insurance through the French system. How do I determine if the policy meets the minimum essential coverage?
ObamaCare decreases the deficit and debt with cost controlling provisions and taxes, but subsidies, protections, and healthcare spending may result in more debt over the long term if no further changes are made. UPDATE 2019: This page was created in 2015, numbers have been revised since this was written. So the logic remains the same, but the specific numbers need to… Read More
Everything You Need to Know About the Tax Filing Thresholds Federal Tax Filing Requirement Thresholds are used to determine if you file your taxes or not. Filing threshold is based on Gross Income and filing status. What is the tax filing threshold? The tax filing threshold for a single adult under 65 in 2018 is $12,000…. Read More
The Individual Shared Responsibility Payment is the fee for not having Minimum Essential Coverage. Follow our guide to make calculating your payment easy. UPDATE 2019: For 2019 forward there is no fee for not having health insurance in most states. In this sense, the Individual Shared Responsibility Provision has been effectively repealed as the federal… Read More
Find out how to fill out Form 8965, Health Coverage Exemptions, the form for reporting ObamaCare Exemptions. We provide a simplified breakdown of form 8965. Due to changes in the tax structure under Trump there will be no federal fee for not having health coverage in most states for 2019 forward, thus exemptions won’t be… Read More
The 1095 forms are filed by the marketplace (1095-A), other insurers (1095-B), or by your employer (1095-C). We have simple instructions for the 1095 forms. Keep in mind the 1095 forms are filed by whoever provided you coverage, so individuals won’t have to fill them out themselves. TIP: This page has been updated for 2022 (although on-page… Read More
Some say ObamaCare doesn’t do enough to control health care cost. Let’s look at how ObamaCare controls healthcare spending with cost controlling provisions. TIP: To find out what coverage under the Affordable Care Act will cost you, make sure to check out the healthcare.gov marketplace and find your cost after assistance is applied. Taxpayers are benefitting as… Read More
Cost-sharing in health insurance is your share of costs (copays, coinsurance, deductible, out-of-pocket maximum) for covered benefits in a policy period. Typically cost-sharing does not apply to Premiums, uncovered costs, or balance billing. TIP: In simple terms, cost-sharing describes your share of the costs vs. your insurer’s share of the cost in respect to your… Read More
The Forms Needed if You Got Marketplace Tax Credits Under the Affordable Care Act (ObamaCare) Find out how to fill out Premium Tax Credit Form 8962, the form for reporting ObamaCare Tax Credits. We’ll review MAGI, FPL, and Adjusting credits. The form can seem daunting at first, but by understanding what all the fields mean,… Read More
What is Modified Adjusted Gross Income (MAGI), Adjusted Gross Income (AGI), Gross Income (GI), Family Income, Household Income, Etc? Modified Adjusted Gross Income (MAGI) is Gross Income (GI) Adjusted for deductions (AGI) and then Modified by adding some deductions back in (MAGI). On this page, we cover MAGI as it applies to Medicaid and the Marketplace…. Read More
Let’s take a look at factors that affect health insurance costs for premiums and cost sharing under ObamaCare, including Marketplace subsidies and Medicaid. ObamaCare helps ensure fair health insurance premiums (Sec. 2701), helps curb premium growth, and provides Tax Credits to lower premium costs. The ACA also includes measures to reduce out-of-pocket spending and curb national… Read More
ObamaCare’s Premium Tax Credits can be paid to your insurer in advance to lower your monthly premium on a Marketplace plan or adjusted on your tax returns. Tax Credits are based on household income and are available to folks making between 100% and 500% of the Federal Poverty Level FPL. Expanded Premium Tax Credit Cap:… Read More
How Do Cost Sharing Reduction Subsidies Work? ObamaCare’s Cost Sharing Reduction Subsidies (CSR) lower out-of-pocket costs, based on income, for Silver plans bought on the Health Insurance Marketplace. Along with Premium Tax Credits, ObamaCare’s Cost Sharing Reduction subsidies lower what you pay for out-of-pocket costs like deductibles, copays, and coinsurance, making health insurance coverage more affordable and… Read More
There are several reasons you may have to file taxes under ObamaCare (the Affordable Care Act). Learn how to file your ObamaCare taxes in 2019 and beyond. This section includes tips on: how to make a Shared Responsibility Payment for not having coverage, how to report health coverage known as Minimum Essential Coverage, how to… Read More
How to Calculate Tax Credits and Subsidies for Health Insurance Sold on the Health Insurance Marketplace Our ObamaCare calculator will help you calculate tax credits and subsidies for health insurance sold on the Health Insurance Marketplace. Use this quick health insurance tax credit guide to help you understand the process. Or, just use one of the… Read More
How ObamaCare Taxes Affect You: New Taxes, Hikes, Breaks, Credits, and Other Changes Here’s a full list of ObamaCare Taxes. The 21 new ObamaCare tax hikes and breaks impact us all, but which ObamaCare taxes will you actually pay? Find out how the tax-related provisions in the Affordable Care Act (ObamaCare) will affect you, your… Read More
ObamaCare Subsidies – Premium and Out-of-Pocket Cost Assistance on Marketplace Plans Explained ObamaCare subsidies save you money on your premium and out-of-pocket expenses based on income. Subsidies are only available on plans sold on the Marketplace. Let’s take a look at what subsidies are, how they work, and how you can apply for free or… Read More