Do I need to do anything right now to get ready for the changes coming in 2014?
- The premium tax credit can help make the cost of purchasing health insurance coverage through the Marketplace more affordable for individuals and families with low to moderate incomes. Learn more.
- You may have received a letter from your employer providing information about the new Marketplace, and any health insurance coverage your employer may offer. For more information about coverage options through the Marketplace, visit HealthCare.gov. If you have questions about the coverage offered by your employer, please contact your employer.
Considerations for 2013
- Open Enrollment for the Health Insurance Marketplace:
The open enrollment period to purchase health care coverage through the
new Health Insurance Marketplace began Oct. 1, 2013. When you get
health insurance through the marketplace, you may be able to get advance
payments of the premium tax credit that will immediately help lower
your monthly premium. Learn more at HealthCare.gov.
- Filing Requirement: If you do not have a tax filing
requirement, you do not need to file a 2013 federal tax return to
establish future eligibility or qualify for future financial assistance,
including advance payments of the premium tax credit to purchase health
insurance coverage through a Health Insurance Marketplace. Learn more
at HealthCare.gov.
- W-2 Reporting of Employer Coverage: Certain employers are
required to report the value of the health insurance coverage they
provide. The value of health care coverage as reported by your employer
in box 12 and identified by Code DD on your Form W-2 is not taxable.
- Itemized Medical Expenses: You can deduct your unreimbursed
medical and dental expenses that exceed 10 percent of your adjusted
gross income on your 2013 tax return. The 7.5 percent threshold will
remain for those 65 and older for tax years 2013 through 2016.
- Other ACA Tax Provisions: Additional Medicare Tax, Premium Rebate for Medical Loss Ratio, Health Flexible Spending Arrangements, Health Saving Accounts, and Net Investment Income Tax.
Looking ahead to 2014
- Premium Tax Credit: To claim the premium
tax credit, you must get insurance through the Marketplace. You can
elect to have advance payments of the tax credit sent directly to your
insurer during 2014, or wait to claim the credit when you file your tax
return in 2015. If you choose to have advance payments sent to your
insurer, you will have to reconcile the payments on your 2014 tax return
filed in 2015. Learn More.
- Individual Shared Responsibility Payment: Starting January
2014, you and your family must either have health care coverage, have an
exemption from coverage, or make a payment when you file your 2014 tax
return in 2015. Most people already have qualifying health care coverage
and will not need to do anything more than maintain that coverage
throughout 2014. Learn More.
- Change in Circumstances: If you are receiving advance payments of the premium tax credit to help pay for your insurance coverage, you should report changes such as income or family size to your marketplace. Reporting changes will help to make sure you are getting the proper amount of assistance.
Page Last Reviewed or Updated: 21-Oct-2013
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