Getting obamacare is viable if it does not get repealed by the current Trump government. If you are interested in apply for the Obamacare tax form, here are a few steps you can follow to enroll in the Patient Protection and Affordable Care Act.
Step 1 :To find out if you need Obamacare tax form and how much subsidy shall you get if you enroll in the plan. You also need to finalize on a plan after comparison using the exchange. Through exchange you also get to compare and finalize on which hospital suits you, which physician you would like to consult and finalize on other services such as home health or nursing home, etc.
One way to avoid paying tax was having health insurance, otherwise be prepared for a tax hit. Approx 2.5 percent of your AGI (Adjusted Gross Income) will be deducted as the Obamacare tax where AGI = Gross income – Deductions.
But there is some relief provided by the Healthcare.gov as for a individuals or family of low income you might quality for free medical insurance under Medicaid, provided your state is covered under the same. Log on to the website to know your eligibility for the free insurance as this saves you from paying tax.
You have the option of choosing the other way round as well. You can choose to pay the tax instead of signing up for Obamacare. But not having health insurance is never a good idea as you devoid yourself of certain other benefits as well.
Let us say you have insurance, in that case you are safeguarded but one needs to ensure that their insurance plan does not fall under the category of plans that do not qualify as health plans.
Finalizing a plan :You need to finalize a plan under the Obamacare once you have gone through the health insurance marketplace. Once you sign up with your credentials such as your social security, your 1099 form and your recent W2, and you have been authorized you are ready to review plans. Upon reviewing them in terms of copays, premiums and deductibles, you also get to research about the subsidy you can avail. Each plan has 10 benefits and these plans have been categorized into 4 sections as per the amount they cover. For the lowest premium you need to get a plan with the lowest coverage. Following are the plans as to how much you will be required to pay under each plan:
Platinum – you pay 10%
Gold – pay 20%
Silver – pay 30%
Bronze – pay 60%
Buying the plan
Once you have finalized the plans and have assessed the premium, deductibles and copays, and have considered all the factors that will affects how much you will end up paying. The next step is to buy the healthcare plans under the Obamacare act are.
Your plan starts
This is not a step but a final realization of how it should go from about now once you have purchased your plan. Your health care plan under the Obamacare shall initiate from January 1st, 2018.