How the ACA Affects You and Your Family
You must have health insurance or have a coverage exemption, or you will pay a penalty. You can keep your current health insurance plan, but if it is not a qualifying health plan, you may face a penalty. If certain services are excluded from your current insurance plan, research the minimum essential coverage that you must have to avoid a penalty on your taxes. For families with children, dependents can remain on their parents’ health insurance until age 26. Individuals can purchase health insurance even if they may have preexisting health conditions. If you have private insurance and are switching to Marketplace insurance, you can check with your in-network doctor to make sure that Marketplace insurance is accepted. The Marketplace offers competitive pricing on insurance plans. Plan options can be viewed at http://www.healthcare.gov/ . Enrollment in Marketplace insurance opens once a year. For the 2014 tax year, the Marketplace will be open from November 15, 2014 to February 15, 2015. The deadline is extended for individuals who encounter a life change, such as marriage or the birth of a child. If you are enrolled in Marketplace insurance and encounter a life change during the year, such as an increase or decrease in income, you must report this change in the Marketplace. Your tax credit will be adjusted accordingly. If you want your health coverage to begin on January 1, 2015, you must enroll by December 15, 2014..