Author Topic: affordable care act health insurance.  (Read 2553 times)

Offline scooby

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affordable care act health insurance.
« on: December 09, 2019, 08:28:04 AM »
does anyone have affordable care act health ins. and how is it when filing taxes with it.



Offline Tyler

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Re: affordable care act health insurance.
« Reply #1 on: January 05, 2020, 05:55:10 PM »
I think with all private insurance, ACA included, you will get a statement of proof of insurance that you need to file with your taxes. You can also write off some of the costs, but speak to your tax person about that.
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Offline Laser Man

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Re: affordable care act health insurance.
« Reply #2 on: January 16, 2020, 06:40:26 PM »
The ACA requires your insurance carrier to send you a statement showing the months you were covered.  This was originally in the law because there was a financial penalty for not having insurance (the individual mandate and penalty).  Congress changed the penalty to zero, but did not eliminate the reporting requirement for insurers.

As to tax implications, I don't know how the ACA is handled.  Private insurance premiums are not considered part of your medical spending for federal taxes, but you should consult a tax expert about ACA insurance.  If your state has an income tax, those rules may be different than the federal as well.  My state has a lower threshold for medical cost deductions (2% of adjusted income) and allows insurance premiums to be included as medical expense if the premiums are paid with after-tax dollars.