Affordable Care Act
ZAPPITELLI FINANCIAL Is Your Source to Understand Benefits and Penalties Of The Affordable Care Act.
The Affordable Care Act (ACA), commonly referred to as “Obamacare,” was originally passed in 2010 but is rolling-out in phases. The major initiatives of the legislation will go into effect in 2014 and 2015. The ACA is considered the most significant government expansion and regulatory overhaul of the u.s. healthcare system since 1965, and is having a sweeping impact on virtually every American taxpayer and their tax return.
The ACA is a complex law with potential money-saving opportunities for those who take advantage of its provisions. The law also contains steep tax penalties for those who choose to disregard the law or don’t understand its rules. Contrary to what many believe, the Affordable Care Act is NOT a law you can ignore. Compliance is mandatory for everyone in the United States except a small number of people who are specifically exempt from the law!
You and your family need to learn about the ACA even if you currently have health insurance. You may want to change your existing coverage to an “exchange plan” because of tax credit eligibility that could reduce your net cost.