What is ObamaCare?
The Affordable Care Act, often referred to as “ObamaCare,” was adopted a few years ago. It has undergone many changes and cutbacks since it was initially proposed, but the purpose of the act was to compel Americans to have insurance.
For those individuals who qualify, the purpose was to develop marketplaces where they could get insurance and receive credits from the federal government to help pay for that insurance – hence the name, the Affordable Care Act.
How Did the Affordable Care Act Impact Health Insurance?
The act also made changes to how health insurance was sold in the United States. Insurance companies could no longer exclude individuals due to preexisting conditions. ObamaCare also made it possible for parents to keep their children on their insurance until children reach the age of 26, which had not been the case prior to the act.
How Will This Affect Me?
The Affordable Care Act began with the goal of instituting a national health insurance system in the United States. However, due to many challenges and proposed changes, it has evolved into a system of using penalties or taxes (or “shared responsibility payments”) to encourage everyone to have insurance.
The Affordable Care Act will certainly impact your taxes, and navigating this new territory is best done with the guidance of an experienced tax professional. Call the experts at Baker Retirement and Wealth Management, P.C. for assistance with filing your taxes. We have been serving the greater Evansville area (Newburgh, Boonville, Jasper, Henderson, Owensboro, Mount Vernon, and beyond) with guidance regarding tax laws, small business accounting, and more for nearly thirty years.
Call Baker Retirement and Wealth Management today at 1-866-244-3517.Request a Free Tax Assessment