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Sherri Gastelum and Platinum Tax Defenders Offer 5 Tips on Understanding Health Care Tax Issues from the Affordable Care Act
Date:5/8/2013

cts is that the money given as a subsidy benefits the insurance company, who then passes on the benefit to the end user in the form of reduced premiums. In the same way that a tax deduction does not work as a tax credit (which can become a cash refund), the health care subsidies are supposed to translate into savings rather than actual payments for the taxpayer – unless a refund is triggered by the receipt of smaller subsidies because of income loss or change of marital status. This may cause significant issues for those who lose a spouse.

Third, most taxpayers know by now that the Affordable Care Act requires taxpayers to purchase insurance or face fines and penalties. Although the Congressional Budget Office projects that 18 million people will qualify for subsidies, there's no way of knowing the exact number of those who will benefit and those who will be penalized. However, Ohlemacher indicated that “families making more than four times the poverty level have to repay the entire subsidy”, although repayment amounts are still unclear.

Fourth, there are exceptions to those required to obtain coverage. According to Accounting Today, as of April 1, 2013 article (“Affordable Care Act Provisions Begin To Get Noticed”), if the bill for minimum health care insurance is over 8% of a taxpayer's income, they are exempted from the “shared responsibility payment”. Confirmation of this exempt status comes via application for the Section 36B premium tax credit.

Fifth, exemption rules (and other regulations) are different for employers. Employers are subject to penalties if insurance is not provided for employees, unless the cost is “greater than 9.5 percent of household income”, per Accounting Today. Also, the “minimum value coverage” of an employee's health insurance cost must cover at least 60% of the cost. Monthly penalties for employers who do not offer coverage, with 30 or fewer employees, will be equal to 1/12th of $2,000. Employers
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