The IRS announced the release of more information concerning the Affordable Care Act (ACA) for families. The two new electronic publications, which can be found on the IRS website at www.irs.gov, are helpful for educational use by individuals and tax professionals who have questions or concerns about the new Marketplace.
The first is Publication 5152, which discusses the importance of keeping the IRS updated to changes in circumstances. Changes in family size or income can affect your Premium Tax Credit and should be reported as soon as possible. The Premium Tax Credit is a refundable credit designed to assist families with moderate household incomes in affording the health insurance they need. If the Marketplace is not updated within a reasonable timeframe, families may receive too much or too little in advance payments. The publication also discusses the necessity of filing your federal tax return if you intend to claim your Premium Tax Credit.
The second is Publication 5156, which outlines what you need to know about the Individual Shared Responsibility Provision. This provision requires you and every member of your family to have a minimum amount of health coverage. The publication contains information about whether or not your family can qualify for an exemption or how much your payment will be if you or your family members do not have the minimum coverage.
Our health care system has undergone major changes in the last few years, so it is important for both individuals and families to have current and accurate information about their rights and responsibilities. Educating yourself on these provisions and the intricacies of the Affordable Care Act can help you make the right decisions for your family.
Showing posts with label affordable care act. Show all posts
Showing posts with label affordable care act. Show all posts
Wednesday, June 4, 2014
Wednesday, April 9, 2014
The Affordable Care Act Helps Your Small Business!
Recently, the Obama administration was able to pass the Affordable Care Act. The ACA is an extensive bill that will have a lot of positive effects on small business.
Here are some ways that the ACA will help you improve your small business:
1. Everyone knows that insurance can be incredibly expensive. Part of the aim of the ACA was the make healthcare more accessible to all types of people. Starting in 2013, a new program called SHOP (the Small Business Health Insurance Options Profram) will open Marketplaces where businesses can "shop" around for affordable health care programs. According to the U.S. Small Business Adminstration, small business pay on average 18% more than large businesses for health care. This gap should decrease by allowing businesses a place where they can compare and negotiate insurance prices.
2. The ACA also increases the available tax credit designed to help businesses with their health care expenses to up to 50% for those who participate in the Marketplace. Before the ACA, these businesses could only receive 35% in tax credits.
3. The ACA also created programs to improve the quality of care in the workplace. Under the act, workplaces receive increased rewards for instituting programs to help employees quit smoking or use a health-contingent plan.
4. With the ACA greatly increasing the number of people who have health insurance, small business on a whole will benefit by having healthier employees. Research shows that healthier employees are on average more productive employees. They take less time off from work and accomplish more when they are actually at work. Therefore, the ACA could provide a boost to the productivity of small businesses.
If you are a business owner and you have questions about how the ACA will impact your business, feel free to call my office at 718-313-7563.
Here are some ways that the ACA will help you improve your small business:
1. Everyone knows that insurance can be incredibly expensive. Part of the aim of the ACA was the make healthcare more accessible to all types of people. Starting in 2013, a new program called SHOP (the Small Business Health Insurance Options Profram) will open Marketplaces where businesses can "shop" around for affordable health care programs. According to the U.S. Small Business Adminstration, small business pay on average 18% more than large businesses for health care. This gap should decrease by allowing businesses a place where they can compare and negotiate insurance prices.
2. The ACA also increases the available tax credit designed to help businesses with their health care expenses to up to 50% for those who participate in the Marketplace. Before the ACA, these businesses could only receive 35% in tax credits.
3. The ACA also created programs to improve the quality of care in the workplace. Under the act, workplaces receive increased rewards for instituting programs to help employees quit smoking or use a health-contingent plan.
4. With the ACA greatly increasing the number of people who have health insurance, small business on a whole will benefit by having healthier employees. Research shows that healthier employees are on average more productive employees. They take less time off from work and accomplish more when they are actually at work. Therefore, the ACA could provide a boost to the productivity of small businesses.
If you are a business owner and you have questions about how the ACA will impact your business, feel free to call my office at 718-313-7563.
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