You’ve been hearing a lot about ObamaCare (also referred to as the Affordable Care Act) over the past few years. ObamaCare is still in the news (as changes are still on the horizon), and many individuals have questions about their coverage. This post takes a look at some of the pros and cons of ObamaCare.
Pros & Cons: Affordable Care Act
Simply put, the Affordable Care Act is really entirely different than a lot of people understand. There are a lot of nuances, but our work with people this tax season has revealed that many individuals have some mixed feelings about the type of insurance they are receiving.
Here are a few examples of what people are saying about the Affordable Care Act.
- Healthcare is more affordable for some individuals
- Preventative care is covered (health screenings, immunizations, etc.)
- Children stay on parental insurance until age 26
- Individuals with pre-existing conditions can get insurance coverage
- No annual or lifetime limits
- Uninsured individuals pay penalties
- Healthcare is more expensive for some individuals
- Narrowed networks mean less options when choosing healthcare providers
- Confusing and disjointed initiation; many Americans are still confused or frustrated with their healthcare options
Yes, that’s how the Affordable Care Act works – via private underwriting. Last year there were two providers in Indiana, and this year there will be five health insurance providers on the marketplace. In short, your coverage is still available through a private company but being required (and promoted) by state and Federal governments.
If you have questions about ObamaCare and how it affects your taxes, contact the professionals at Baker Wealth Management. Receiving a tax premium or not having the required coverage can impact your taxes; other aspects of your tax return may also be impacted by ObamaCare. We strongly recommend that you don’t leave your taxes to chance with a software program. Our Evansville area tax experts are happy to assist you with filing your taxes.
Call us today at 1-866-244-3517 to schedule your tax appointment.Talk to a CPA for Free