tax returns for 2012 come with implications related to health care.
returns a person files will be the chief factor to determine his eligibility for
federal assistance when buying health insurance through the new state health
exchange which will operate from 2014.
to the federal Affordable Care act all Americans are required to buy health
insurance or face tax penalties.
will be no change for who are covered by employers. Federal subsidies will help
pay for health insurance - assistance tax credit which will lower the amount of
premium paid by an individual or a family.
Each state will have its own
exchange serving people who buy their health insurance directly, as well as a
separate one for small businesses. The insurance exchanges will operate in
every state, even those led by staunch Republican opponents of the health care
overhaul. In a number of states, the exchanges will be operated by the federal
government, over state opposition.
"You will pay a percentage of
your income as your share of the premium, and the federal government will pay
the rest," said Brian Haile, senior vice president for health policy at
Jackson Hewitt Tax Service. "The percentage that you pay will depend on
your household size and your income."
Hannah Punitha (IRDA Licence Number: 2710062)
Pamela Yip, March 2013