Affordable-Care-Act1

Health Care Is Now Linked To Your Taxes

The Affordable Care Act (ACA)–also known as “ObamaCare”–is now in effect and R&G Brenner has licensed insurance agents that can offer you multiple health insurance products both inside & outside of the newly created health care exchanges.  Furthermore, having health insurance is now tied to your income taxes & the penalty for not having health insurance can grow to over $2,000 a family*.

Contact an R&G Brenner Health Care Representative for a FREE consultation.

Why R&G Brenner?

R&G Brenner has been a family owned and operated business since 1941.  This year we are celebrating our 75th Anniversary.  We know our core business: taxes, and because heath care is now linked to your taxes, it is our duty to ensure you are not subjected to unnecessary taxes or penalties. When we asked all of our clients who had health care and who didn’t, and what we found was startling:  Nearly 1 in 4 of our clients has at least one family member that does not have health insurance!

Unlike other tax establishments, we have never lost sight of our core business. We are not outsourcing or referring our clients to a third party. Rather, we are having a core group of licensed executives–including myself–assist you directly.  We will make sure that you and your family are covered with a Health Care plan that best fits your needs.  You pay enough taxes, why pay more and get nothing in return?

Just The Facts Please!

Just The Facts Please!

What Are The Facts About “ObamaCare”?

First and foremost, we should remember the primary goal of the ACA is to provide affordable health insurance coverage to the 44 Million Americans that are either denied or don’t have insurance, and the additional 38 Million Americans that have inadequate coverage.  The simple fact is that the cost of health care in the United States has grown at an incredible pace and we are not healthier for it.

In the past, health insurance providers could pick and choose who to cover; essentially eliminating the pool of highest risk policies in order to maximize profits.  Furthermore, insurance companies could drop policies at will…even if you just got sick.  This forced more and more people to forsake health insurance–which eliminated the opportunity for less expensive preventative care–and use the emergency room as their primary means of health care.  This contributed to the steep rise in the cost of health care which is being subsidized by those with health insurance in the form of higher premiums and deductibles.  The ACA aims to change this.  Here’s a list of other essential “ObamaCare” facts you should know:

  • The ACA does’t “create” health insurance, it regulates the health insurance industry and aims to increase quality, affordability and availability of private insurance.
  • Most people who currently have health insurance can keep it provided it meets the minimum acceptable standards for coverage
  • Young adults can stay on their parent’s plan until age 26.
  • If you don’t have coverage, you can use the new Health Insurance Marketplace to buy a private insurance plan.
  • Open enrollment in the Health Insurance Marketplace begins November 15th, 2014 and ends February 15th, 2015.
  • If you don’t obtain coverage or an exemption by January 1st, 2015 you must pay a per-month fee on your federal income tax return for every month you are without health insurance.
  • *In 2015 the penalty is $325 per adult ($162.50 per child) or 2% of income, whichever is higher.  However, by 2016 the penalty grows to the greater of $695 per person or 2.5% of income, with the max family penalty not to exceed $2,085.  Thereafter, the penalty is increased based on the cost-of-living adjustment.
  • The cost of your marketplace health insurance works on a sliding scale. Those who make less, pay less.
  • Americans making less than $45,960 as individual or $94,200 as a family of 4 may be eligible for premium tax credits through the marketplace. Tax credits subsidize insurance premium costs.
  • If you are able to get qualified health insurance through your employer you won’t be able to receive marketplace tax credits unless the employer doesn’t cover at least 60% of your premium cost, doesn’t provide quality insurance or provides insurance that exceeds 9.5% of your families income.
  • Up to 82% of nearly 16 million uninsured young U.S. adults will qualify for federal subsidies or Medicaid through the marketplace.
  • The ACA does away with pre-existing conditions and gender discrimination so these factors will no longer affect the cost of your insurance on or off the marketplace.
  • You can’t be denied health coverage based on health status.
  • You can’t be dropped from coverage when you are sick.
  • Health Insurers can’t place lifetime limits on your coverage. As of 2014 annual limits are eliminated as well.
  • All new plans sold on or off the marketplace must include a wide range of new benefits including wellness visits and preventative tests and treatments at no additional out-of-pocket cost.
  • Medicare isn’t part of the marketplace. If you have Medicare keep it!
  • Medicaid and CHIP are expanded to provide insurance to up to 16 million of our nations poorest.
  • When you apply for the marketplace you’ll find out if you qualify for free or low-cost coverage from Medicaid or the Children’s Health Insurance Program (CHIP). You’ll also be made aware if you qualify for Medicare.

If you’d like more information about the Affordable Care Act or how R&G Brenner can help you obtain Health Care coverage for you or a member of your family, please feel free to contact us directly at healthcare@rgbrenner.com, or schedule your free consultation by completing this short form.

Thank You,

Louis A. Arena
Chief Operating Officer
R&G Brenner Income Tax

Source: ObamaCare Explained

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