After 10 years I'm finally insured! Plus, what I learned about taxes + Affordable Care Act

I've made it no secret on here that I struggled, a lot, financially in my 20's. As a graduate student and then fledgling adjunct I lived most of that decade paycheck-to-paycheck and without any benefits; including health insurance. I was fortunate enough not to have any major health scares and became a bit of an expert on at-home remedies. I also always viewed eating right and exercising as my own form of health insurance and I think that was time, and money, well spent!

Once the health care reforms started I realized if I didn't get insured soon I may have to pay a penalty fee on my taxes for 2015. Well, in addition to marrying the guy of my dreams I also am now covered under Travis's health care so that is no longer a concern for me. I wasn't expecting to get married this year though so I've done a lot of research on this topic! Here are a few key points to know:

Turbo Tax

  • The Affordable Care Act (ACA) or Obamacare is designed to ensure everyone has health insurance and imposes tax penalties on those who don't.
  • Your taxes will still be easy to file yourself with TurboTax! For most people (9 out of 10 taxpayers), complying with the ACA on taxes takes checking a box on their tax return to confirm they have health insurance.
  • About 50% of people who are uninsured will quialify for a tax exemption. To see if you may qualify you can check out TurboTax Health.
  • If you will remain uninsured TurboTax has a free calculator to estimate what your penalty will be.
  • Open Enrollment for the health cafe exchanges starts on November 15 and ends February 15, 2015 so you still have plenty of time to get prepared.

TurboTax1

So, there you have it. If you have insurance it will still be super easy to file your own taxes next year. I've been filing my own with TurboTax for years now and even with all the new freelance/blog income it's still very straightforward. If you don't have insurance you can see if you qualify for an exemption, and if not then you can either enroll in the health exchanges starting today or start saving up to pay your penalty tax!

Are you confused about the Affordable Care Act? Do you know how to handle having/not having health insurance on your taxes next year?

I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.