How to Plan for Health Care Reform in 2013 and 2014 and Avoid Penalties

by Adam Minow, CPA

ImageIn the coming months, many Americans will need to make a decision regarding their health care insurance.  This decision is being prompted by the Patient Protection and Affordable Care Act that President Obama signed into law in 2010, which is also commonly referred to as Health Care Reform or Obamacare. Individuals who do not obtain health insurance coverage by March 31, 2014 may face penalties of up to 1.0% of their income in 2014 (the “Individual Mandate”).  Those penalties increase to up to 2.5% of income in 2016.  The Individual Mandate generally applies to self-employed individuals, unemployed individuals and individuals who are not already covered by another qualifying plan, including employer-sponsored plans, Medicare and COBRA. Continue reading

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