Integrity Tax Group Is Your Source To Understand Benefits And Penalties of The Affordable Care Act. There are lots of rumors going around and you can’t believe everything you hear—that’s why we’re here.
Affordable Care Act/ObamaCare
The Affordable Care Act (ACA), commonly referred to as “ObamaCare,” was originally passed in 2010 but is rolling-out in phases. The major initiatives of the legislation will go into effect in 2014 and 2015. The ACA is considered the most significant government expansion and regulatory overhaul of the U.S. healthcare system since 1965, and is having a sweeping impact on virtually every American taxpayer and their tax return.
The Affordable Care act is Law—it’s gone through the Supreme Court—like it or not, ObamaCare is not going away!
The ACA is a complex law with potential money-saving opportunities for those who take advantage of its provisions. The law also contains steep tax penalties for those who choose to disregard the law or don’t understand its rules. Contrary to what many believe, the Affordable Care Act is NOT a law you can ignore.
Compliance is mandatory for everyone in the United States except a small number of people who are specifically exempt from the law!
You and your family need to learn about the ACA even if you currently have health insurance. You may want to change your existing coverage to an “exchange plan” because of tax credit eligibility that could reduce your net cost. You may have received a letter from your insurance company letting you know your plan is no longer available.
Integrity wants to make sure you take full advantage of the options available to you and your family under the ACA. As professional tax advisors, we will help you quickly and simply navigate this confusing 2,700-page law and help you determine how it will affect your family. We will make compliance with this law as painless as possible.
The first major impact of ACA came with “Open Enrollment” for the Health Care Marketplaces which began October 2013 (even if the website didn’t work so well). We know some people want to “wait and see” what happens with the law, while others simply want to avoid it. Either of these choices could be costly mistakes (in terms or penalties or lost benefits). It’s critical that you not wait until all the laws become effective to learn how they will affect your healthcare options and future tax liability.
Give us a call today to set up an appointment with one of our professionals.