Implications of Increasing Health Coverage Options

The U.S. Government, together with private companies, continue to work towards providing affordable healthcare to its citizens. As part of this, they constantly add new coverage options or refine existing ones in the insurance marketplace to match the needs of as many people as possible. In addition, the government helps people find a suitable coverage if they don’t have one.

As a taxpayer, you’re probably fully aware that your health coverage plays a part in your federal tax return. If you have the means to acquire health insurance but decide not to, you need to file for health coverage exemption. Otherwise, you pay a fee: either $325 per person in your family for the year or two percent of your annual household income, whichever is higher. If you choose to have health coverage exemption, you’ll have to pay the fee on the federal income tax return you file for the year you didn’t have coverage.

As you can see, it can be equally detrimental to your finances not to get yourself covered—not to mention your health as well. That said, the Marketplace helps people without health coverage find and enrol in a plan. It doesn’t matter if you don’t have coverage through Medicare, Medicaid, or a job—the Marketplace will have plan that fits your budget and meets your needs.

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