READER'S ROCK LIFESTYLE MAGAZINE VOL 2 ISSUE 4 NOVEMBER 2014 VOL 2 ISSUE 6 - JAN-FEB 2015 | Page 31

those who enrolled in the Marketplace in
2014, current coverage will automatically
re-enroll on Jan. 1. If no action is taken,
you will still have until Feb. 15 to decide if
you want to change your plan in the
Marketplace. You should still check your
coverage to ensure that your network and
costs are what you expect.
Don't miss the three-month open
enrollment period. If you miss this threemonth window of opportunity, you will
need to wait until the open enrollment
period in 2016 to buy coverage unless you
qualify for a special enrollment period. If
you don't have health coverage during 2015
that qualifies as minimum essential
coverage, you must either pay a fee or see
if you qualify for an exemption from
paying the penalty. The fee in 2015 is
steeper than it was in 2014 - 2 percent of
your household income or $325 per
adult/$162.50 per child, whichever is more.
Get started now to avoid overspending.
Visit www.Healthcare.gov for more
information.
Understand if you qualify for an exemption
from purchasing health insurance under the
Affordable Care Act. Tax exemptions come
in many forms. An exemption from the
Affordable Care Act will eliminate your
obligation to pay a fee for not having health
insurance. You can find out if you're
eligible to waive the health care penalty fee
with TurboTax Exemption Check.
Check if you're eligible for a discount on
health insurance premiums in the form of a
tax credit. To help lower-income families
and individuals pay for coverage, the
federal government will provide financial
support on monthly premiums and out-ofpocket costs via subsidies. To help offset
the cost of buying insurance on the

exchanges, tax credits are available,
depending on your 2015 household size and
income. Check out TurboTax's free health
care calculator to see if you are eligible.
If you purchased insurance through the
state or federal exchanges, be sure to report
major life events, change in income or
changes like getting married, having a baby
or if you received a raise. You can do this
online by logging in to your insurance
Marketplace account or calling the
Marketplace Call Center. It is important to
report any income changes to the
Marketplace so they can change the amount
of the tax credit applied to your insurance
premium. This may also reduce any
potential amount you would have to pay
back at tax time. You also may be eligible
for more subsidies than you're getting, so it
pays to double check.
Come tax time, report your insurance status
when you file your tax return. If you get
your insurance, whether through your
employer, through Medicaid, Medicare or
the Marketplace, reporting it is really a
matter of checking a few boxes with
TurboTax. Using the tax prep software you
simply answer a few questions and check a
box to confirm you have health insurance
when you file your taxes and TurboTax
does the rest.
Choosing health insurance is without a
doubt a big decision, which is why it is
important to consider all options before
figuring out which is best for you. If you
need a bit more assistance, there are a lot of
free resources out there, like
TurboTaxHealth.co