health care

2014 Tax Penalties For Not Having Health Insurance Under ObamaCare

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Now that the Supreme court has upheld key provisions of President Obama’s health care reform plan, also known as ObamaCare or the Affordable Care Act, all Americans with an income above a certain threshold will have to purchase health insurance. The provision referred to as the individual mandate is what will legally require most US citizens [...]

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Health Insurance Tax Credits to Help Millions of Middle-Class Families in Affordable Insurance Exchanges

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As part of new regulations under Obama’s health care legislation the U.S. Department of the Treasury and the Department of Health and Human Services (HHS) today took the next steps to establish Affordable Insurance Exchanges – one-stop marketplaces where consumers can choose a private health insurance plan that fits their health needs and have the [...]

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2013 vs 2012 Flexible Spending Accounts (FSA) Changes and Limits

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[Updated for 2012 and 2013 limits] Flexible Spending Accounts (FSA) have been around for a while now and many families use them as a tax advantaged way to save for health care related costs. However, FSA have and are about to undergo some relatively significant changes due to provisions in President Obama’s health care reform. If [...]

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Buying Long-Term Care Insurance To Save For The High Cost of Assisted Living

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There’s a great deal of talk today about the “graying of America.” Thanks to advances in medical technology, many people are now living 20 or more years beyond normal retirement age. However, quite a few of these people must deal with poor health during those years. And, the increased longevity, coupled with expanded health care [...]

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2010 Obama Health Care Rules Effective Now – Under 26 Dependent and Pre-existing Conditions Coverage

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With the passage of health care reform, a major political achievement for the Obama administration, Americans will finally start seeing the actual impacts of many of these new laws. These changes will only initially impact people who buy new policies or are in plans where the coverage year is about to expire. But by 2011 most [...]

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Fiscal Cliff Deal and What’s Ahead in 2013 for Taxes on Income, Capital Gains, Dividends and Estates

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Congress and the Obama administration’s fiscal cliff deal means that 2013 federal tax rates will remain fixed for nearly 99% of the population. Only those earning $450,000/$400,000 (married/single) AGI will have a higher marginal tax rate in 2013, relative to 2012 levels. Below are the likely 2013 tax rates and inflation adjusted tax brackets (a slight [...]

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How Individuals can Control and Cut Health Insurance Costs

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There has been a lot of debate over health care reform the past year and how to control rising health care costs.  While many experts are unsure whether the passed health care legislation will actually control costs, Americans can still work to control their own medical costs by shopping around for the most cost effective [...]

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How Will Health Care Reform Affect My Employer or Company Sponsored Benefits?

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Even though President Obama and Congress have signed into law sweeping health care reform many employees are still in the dark about how their employer sponsored health care benefits will be affected and wondering when new provisions in the approved health care bills will go into effect. Rather than reading through thousands of pages of [...]

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$250 Medicare Drug Coverage Gap Rebate for Seniors To Be Paid in 2010 Under Obama Health Care Reform

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[Update] The government is starting to mail out the tax free $250 medicare gap  checks to seniors who fall into the program’s gap in prescription drug coverage. This so called Medicare “doughnut hole,” payment (detailed below) was part of the recently enacted Health care reform bill. If you have Medicare prescription drug coverage, and aren’t already [...]

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2010 HIRE Act – Small Business Health Care Tax Credit, Payroll Tax Incentive and Business Credit For Employers Hiring and Retaining Unemployed Workers

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[Updated with New IRS provisions] The IRS has released more details on tax-saving opportunities included in recently enacted HIRE act federal legislation (see details in previous update below). A variety of business tax deductions and credits were created, extended and expanded by the American Recovery and Reinvestment Act of 2009 (ARRA), this year’s Hiring Incentives [...]

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