Tax Return Could Help With Health Insurance

Reported by: Amanda Stevenson
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Updated: 1/25/2013 7:26 pm
The Affordable Care Act (ACA) is the biggest tax change in more than 20 years, and it goes into effect in 2014.

But, in a survey by H&R Block, only half of 18- to 34-year-old consumers knew that it might affect their taxes; 77 percent of consumers didn't know their 2012 tax return could play a role in Health Care Reform.

"They just don't realize how much their 2012 return...how important it is to them to file," said tax professional Rosetta Callebs.

However, this is only if you don't already have health insurance.

The tax return establishes a baseline, "...in order to figure out whether or not you receive a tax credit that will help pay for that health insurance cost," said Callebs.

After you file your 2012 taxes, the tax return verifies your income to insurance companies. From there, it determines what kind of health insurance you can buy, as well as how much money you could get toward paying for it.

An online market place for health insurance is scheduled to be available through the government in October.

Tax professionals say how you file this year will determine what kind of insurance you can buy when the service becomes available.

However, you don't have to use your tax return to pay for insurance--it's just an easy way to do it.

If someone doesn't have health insurance by 2014, they'll pay a tax penalty under the new health legislation.

For more information on the ACA, you can visit this website.
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