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Blog
So what words put fear into the hearts of this large section of workers? The words “Affordable Health Care Act.” And, there is good reason for this fear. The Act does not just address healthcare, it changes a lot of the basic concepts of health insurance for many workers—and it can affect your US income tax. But the law is not all bad. There are a lot of bonuses that come with the legislation, along with a lot of planning that needs to be done.
First, the new US income tax on the failure to buy health insurance provides encouragement for individuals to obtain insurance. To the extent that contractors have avoided purchasing health insurance, the threat of a penalty (as the Act calls it) or a tax (as the Supreme Court calls it) may encourage many to start their search.
The law helps those who have had problems obtaining insurance. Eliminating lifetime coverage limits and the phase out of annual limits, to be completed in 2014, are real pluses. Beginning in 2014, no one can be denied coverage due to a pre-existing condition or have coverage that excludes benefits for a specific medical condition.
The law also helps parents. The provision prohibiting discrimination against those with pre-existing conditions, who are under 19 and inclusion of children up to age 26 as covered individuals on their parents’ policies, may benefit many when purchasing a family policy.
There is a cost to all of this. Those without health insurance coverage will either have to obtain qualifying coverage or pay a tax. The tax starts in 2014, and rises until 2016, when a married couple would pay a surtax equal to the greater of $1,360 or 2.5 percent of adjusted gross income.
The options are actually plentiful.
Our blog features a page full of information and resources for expat contractors. If you need help filing your US income tax return, please contact us!