The Patient Protection and Affordable Care Act (PPACA), also known as the Affordable Care Act (ACA) or, more commonly, Obamacare, is a United States federal statute signed into law by President Barack Obama on March 23, 2010. The law mandates United States citizens to obtain health insurance coverage and businesses of 50 or more full time employees) to provide health insurance to its’ employees. Should you not be covered, a penalty will be imposed.
The concept of providing every person in the United States affordable healthcare was groundbreaking, significant, and momentous. However, the implementation of the program had found a number of complications that, to quote the dinosaur from 2007 movie, Meet the Robinsons, “…I’m just not sure
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This brought the total percent of uninsured adults in the US from 18% to 13.4%. This number includes all enrollments by the uninsured – not just Marketplace enrollments.” This was promoted as a success.
If you do not enroll for Obamacare, the penalty per year is as follows:
“For 2016, the penalty is $695 per adult and $347.50 per child under 18 (up to a maximum of $2,085 per family), or 2.5% of household income, whichever is greater. In other words, the $695 amount is a floor for individuals, not a ceiling. You must make a payment for each household member who you claim as a dependent. The penalty amount will be indexed for inflation each year starting in 2017. For prior years, the penalties are:
•2015: $325 per adult and $162.50 per child (up to $975 for a family), or 2% of household income above the tax return filing threshold, whichever is greater
•2014: $95 per adult and $47.50 per child (up to $285 for a family), or 1% of household income above the tax return filing threshold, whichever is greater.
In all cases, the penalty may never exceed the cost of a “bronze-level” health plan available on your state health insurance exchange. This insures that no one will pay a penalty that is more than the cost of basic coverage in their state.” (Stephen Fishman, “How Much is the
Section 152(a) provides that for a taxpayer to take a dependency exemption, the potential dependent must satisfy either the qualifying child requirement or the qualifying relative requirement. Section 152(b)(2) indicates that the taxpayer is not permitted a dependency exemption for a married dependent if the married individual files a joint return. Pursuant to section 152(c), the term “qualifying child” refers to an individual who has not furnished over one-half of his or her own support and who has not attained the age of 19 or who has not attained the age of 24, if a full-time student, as of the close of such calendar year. The term “qualifying relative” under section 152(d) includes, but is not limited to, an individual whose gross income is less than the exemption amount and to whom the taxpayer provides over-half of the total individual’s support for the calendar year in which such taxable year begins. Under Reg. Sec. 1.152 (a), support received from the taxpayer is compared to the entire amount of support which the potential dependent received from all sources, including support which the individual supplied himself. Support includes food, shelter, medical and dental care, education, recreation,
Family Tax Benefit Part B means-tested at $100 000 and removed once children turn six
Based on the primary goal of Obamacare, more people will be insured under it. Five years after Obamacare was signed into law, the estimated number of insured individuals under the coverage and protections provided by the Affordable Care Act is more than 30 million (Blumenthal, Abrams, and Nuzum). The MSNBC also indicates that “millions of families have eagerly signed up for benefits through the ACA” (Benen). Meanwhile, the Washington Post releases that number of citizens without health coverage fell from 13.3 percent to 10.4 in 2014 (Bernstein). “That’s the largest single-year drop on record based on data going back to 1987”, according to the Washington Post (Bernstein). In the other words, The ACA has met its enrollment goals.
The Patient Protection and Affordable Care Act (ACA) is legislation signed into law by the Obama Administration in 2010 and is gradually becoming implemented over several years. As of 2014 the ACA is requiring nearly every American to have an approved level of health insurance or pay a penalty. The required insurance coverage includes nearly 34 million Americans who are currently or were previously uninsured and is subsidized mainly through Medicaid and Health Insurance Exchanges that will completely or partially pay for coverage. The ACA goes beyond requirements for the individual by including extensive requirements on the health insurance industry and several regulations on the practice of medicine.
According to Wikipedia, on March 23rd, 2010 President Barack Obama enacted the Patient Protection and Affordable Care Act (PPACA). PPACA, also known as The Affordable Care Act (ACA), but is commonly referred to by its nickname, "Obamacare". The act was designed to lower the cost of health insurance, improve the quality of healthcare, and lower the uninsured rate in America. The affordable care act has been very successful, providing quality low cost health insurance for all American citizens and green card holders, but most of them don't know it.
Here are the 2010 tax year income limits, maximum EITC amount and the EITC-related tax law changes. You can also access the information for: * Preview of 2011 Tax Year * 2009 Tax Year * 2008 Tax Year * 2007 Tax YearReturn to EITC Home Page2010 Tax YearEarned Income and adjusted gross income (AGI) must each be less than: * $43,352 ($48,362 married filing jointly) with three or more qualifying children * $40,363 ($45,373 married filing jointly) with two qualifying children * $35,535 ($40,545 married filing jointly) with one qualifying child * $13,460 ($18,470 married filing jointly) with no qualifying
Bronze Plans have the lowest premium of all the health insurance plans. Then comes the Silver Plans, which is the second lowest quality, it covers 70% of your expenses, it has a low monthly premium, but that means higher the money paid out of pocket. Gold Plans qualify for Tax Credits; have high premiums, and good cost sharing. Getting a Gold Plan would be beneficial to a family that uses a lot Medical services. For a person who rarely visits a doctor or needs Medical services, getting a Gold Plan would not be a smart choice. Platinum Plans have the highest premiums and the lowest cost sharing. They only make sense for those who know they will use medical services that will result in a net savings due to greater cost sharing. Obama Care subsidies can save you money on your premium and out-of-pocket expenses. Obama Care subsidies are only available through the marketplace. Subsidies are based on income. In most states, anyone making less than 400% of the Federal Poverty Level can get some type of subsidy on Marketplace plans. The type of income used to determine subsidies is household Modified Adjusted Gross Income, or MAGI, which is a figure based on income after most deductions have been taken.
All others: Single or Married filing separately, $5,800 Married filing jointly or Qualifying widow(er), $11,600 Head of household, $8,500
Children below the age of 18 years, coming from families whose incomes fall below 133% of the poverty line determined by the federal government.
income individuals. In 2013, the highest tax credit given was 6,044 dollars, with a family of three
Low income familied with children under the age of 6 Pregnant women with family income below the 133% of the Federal Poverty
6. The minimum AMT exemption amount for a child whose unearned income is taxed at the parents' tax rate has increased to $6,700 for 2010.
that is an annual income of $31,200. The threshold for the WIC program in Washington State
Subsidies are available for families earning up to 400% of FPL or $130,280 for a family of six people.
Taxpayers do not owe AMT if their AMTI is less than the relevant AMT exemption ($51,900 for single taxpayers and $80,800 for married taxpayers in 2013). If AMTI exceeds those amounts, taxpayers must calculate their tentative AMT liability to see if they owe the additional tax.