On, October 1, 2013, the Health Insurance Marketplace (aka Exchange) should open for business in the majority of U.S. states.
Part of the Affordable Care Act (aka Obamacare) requires an income tax penalty on individuals that are not covered by an employer medical plan and do not have any other medical insurance. Knowing that purchasing medical insurance is extremely confusing, the act instructed each state to create an online Martketplace for individuals and families to shop for insurance. These Marketplaces will be similar to Priceline minus the William Shatner commercials.
Each state’s rates will be different based on ‘level’ of plan, whether or not you qualify for tax subsidies or credits, age, location, and on and on.
The initial enrollment period is October 1, 2013, through March 31, 2014.
Jean Folger has written two excellent articles describing important items to keep in mind if you have to purchase health insurance.
IRS Circular 230 Disclosure
Pursuant to IRS Regulations, we inform you that any tax advice provided or implied on this post (including attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed on the taxpayer.
While the information contained in this post is believed to be reliable, we cannot guarantee its accuracy or completeness.