Finance & Enjoyment Blog

Starting in 2014, affordable insurance exchanges will provide a cost effective way for individuals who do not receive insurance through their employers the option to pick up coverage. This is just one of two ways the federal government plans to make insurance affordable. The other is by setting up tax credits to go along with these affordable insurance exchanges. These tax credits will be available to individuals and families with incomes between 100% and 400% of the federal poverty line. Some phase-out rules apply and things like Medicare, Medicaid, and employer-sponsored plans are not included. Besides those, the tax credit allows for a straight dollar for dollar exchange with insurance premiums. In other words, any premiums paid will reduce your end of the year tax liability by the same amount.

Posted in Your Financial House » Rules and Regulations »

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