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"When Obamacare’s individual mandate takes effect in 2014, all Americans who file income tax returns must complete an additional IRS tax form. The new form will require disclosure of a taxpayer’s personal identifying health information in order to determine compliance with the Affordable Care Act’s individual mandate. Every January, health insurance companies across America will send out tax documents to each insured individual. This tax document—a copy of which will be furnished to the IRS—must contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare. This new tax information document must, at a minimum, contain: the name and health insurance identification number of the taxpayer; the name and tax identification number of the health insurance company; the number of months the taxpayer was covered by this insurance plan; and whether or not the plan was purchased in one of Obamacare’s “exchanges.'”
"When Obamacare’s individual mandate takes effect in 2014, all Americans who file income tax returns must complete an additional IRS tax form. The new form will require disclosure of a taxpayer’s personal identifying health information in order to determine compliance with the Affordable Care Act’s individual mandate. Every January, health insurance companies across America will send out tax documents to each insured individual. This tax document—a copy of which will be furnished to the IRS—must contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare. This new tax information document must, at a minimum, contain: the name and health insurance identification number of the taxpayer; the name and tax identification number of the health insurance company; the number of months the taxpayer was covered by this insurance plan; and whether or not the plan was purchased in one of Obamacare’s “exchanges.'”
Can't wait for the tax form you'll have to file to report your fruit and vegetable consumption.
Then they will issue a tissue tax for natural gas release if you know what I mean....The Thunder Mug Tax....when will the insanity end ? November 6th and repel the IRS authority over the American peoples Life,Liberty and Pursuit of happiness
The IRS conducted an extensive outreach and implementation program for the Small Business Health Care Tax Credit. Shortly after the ACA was passed, the IRS determined the necessary steps to both implement the credit and track these efforts. The IRS conducted significant outreach, communication, and educational activities to inform small businesses and tax professionals about the credit.
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The IRS’ most substantial implementation effort relates to the delivery of premium assistance tax credits that will help millions of American families afford health insurance starting in 2014.
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The individual minimum coverage provision is projected to affect only a small percentage of the total population when it comes into effect in 2014. The Congressional Budget Office and Joint Committee on Taxation previously estimated that approximately four million people – approximately 1 percent of the projected population – will make a payment (or, in the case of dependents, have a payment made on their behalf) in 2016. Let me be clear that the payment only applies to taxpayers who can afford insurance but do not purchase it. There are also a number of individuals who will be exempt from the individual coverage provision, such as those with income below the tax filing threshold or those whose premiums are not affordable.
Taxpayers will get a form at the end of every year from their insurer to use when they prepare their tax returns. It is important to note that the information that insurers provide to the IRS will show the fact of insurance coverage, and will not include any personal health information.
In most cases, taxpayers will file their tax returns reporting their health insurance coverage, and/or making a payment, and there will be no need for further interactions with the IRS. The IRS process for verifying coverage will be very similar to the one that the IRS has used for years to verify wages and withholding.
I'm ready and can't wait. Something needs to be done. It may not be perfect but it is worth a try because what we have is not working for many, it will only get worse. Friends who opposed Obamacare are now looking forward to it as there insurance went from full coverage for the employee and her family to having to pay extra for her family, to having coverage get worse to fear that families will be dropped.
"Using tax penalties, as we did, or tax credits, as others have proposed, encourages "free riders" to take responsibility for themselves rather than pass their medical costs on to others."
- Mitt Romney, July 2009
Friends who opposed Obamacare are now looking forward to it as there insurance went from full coverage for the employee and her family to having to pay extra for her family, to having coverage get worse to fear that families will be dropped.
That's BECAUSE we passed ObamaCare.
There's nothing "affordable" about the Affordable Care Act.
It's actually counter-intuitive on it's face....when you add all kinds of people getting their HC for free, those who DO pay will pay MORE.
* Doctors' pay will be determined by the quality of their care, not how many people they treat. Edit: a_real_MD addresses questions regarding this
one in far more detail and with far more expertise than I can offer in this post. If you're looking for a more in-depth explanation of this one (as
many of you are), I highly recommend you give his post a read.
1/1/2017
* If any state can come up with their own plan, one which gives citizens the same level of care at the same price as the PPACA, they can ask the
Secretary of Health and Human Resources for permission to do their plan instead of the PPACA. So if they can get the same results without, say, the
mandate, they can be allowed to do so. Vermont, for example, has expressed a desire to just go straight to single-payer (in simple terms, everyone
is covered, and medical expenses are paid by taxpayers).
Obamacare has it's positives I believe, but I am struggling with this election as a whole for selfish reasons...
I have always been a Democrat, I supported ( note PAST tense) Obama and thought he would do good for our country.
For the 1st time since I was 18 years old , I am possibly thinking of votiing for the other side.
My husband is employed as an engineer in the Pharma/Medical Device industry and many people do not realize the impact Obamacare is going to have on the entire Medical sector.
How do people think it is going to get paid for?
I will tell you. They are taxing all medical device,medical supply & Pharma companies, to death.Literally. If the complete reform happens, these companies will be forced to pay millions of extra $ in taxes to help cover the cost to insure every American.
What this means is, many,many layoffs for these companies because they can't afford the extra costs to them in taxes, but also to cover the rise in healthcare ins. For their employees.
My husband's company has already announced they will be closing an R&D facility because they can't afford to keep it open, they have cut out all bonuses and any pay raises in anticipation of this happening.
I realize there are many that are worse off, and this is where I struggle with my decisions, but enough is enough quite honestly.
We have just been through a horrible relocation where we lost so much money on our home because of all the foreclosures that were in our previous area and we held 2 mortgages for 22 months while so many others walked away and were ALLOWED to do so with no consequences! We were continually told by the banks when we looked into trying to get a modification that a)" we can't help you, your husbands salary is too high, you don't need our help" and b) " You have never defaulted on a payment so you won't get a modification" moral of the story; Don't do the responsible thing because you won't get any help, be irresponsible, default on your responsibility to pay your mortgage, we will help you.
Now, my husband, who works hard ( just like all of you) and travels frequently and is away from his family for weeks sometimes, is in jeopardy of loosing his job , all to help other people?
How is that fair? Is the government going to bail out the Medical Sector? I think not. But, let's bail out the auto industry with tax payers money and then have the audacity to give out a bonus to them this past Winter because their profits are up!
Not only will Obamacare cost these companies so much money and force salary decreases and layoffs, it will at some point, have an impact on our overall quality of healthcare, because Dr's are going to have to foot part of the bill too. That means reduction in hospital & medicalmoffice staff , which is obvious what that will do for us as patients.
If these Medical supply & Device companies are going to have to pay higher taxes, you can bet they will pass that cost over to the buyers of these supplies & devices, right? which means, they may have to sacrifice quality....
It is all one big circle and while I believe that every American has the right to affordable healthcare, why should everyone else have to pay for it?
Unfortunately, this election, I am thinking about what is best for MY family and not what is best for EVERYONE else.
It seems, that if you are a blue collar worker ( no offense meant, it is the facts), you will get the help you need. However, if you are a white collar,professional, you don't need any help and oh, btw, you can help everyone else...
Everyone needs to pray because, if you get sick and need immediate attention in the Emergency, if you think the waits are outrageous now, wait until the hospitals start feeling the impact and have to work with reduced staff on reduced salaries. That will be a great combination for quality healthcare.
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