Alfred A Cohen, CPA

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Many clients have inquired about the new requirements for health insurance. I will try to outline some of the key provisions. For further or more detailed information, I recommend contacting your insurance agent. The employer mandate has been postponed until 2015 but the individual mandate still becomes effective January 1, 2014.

As of January 1, 2014, there is a mandate which requires all individuals to have minimum health insurance coverage or be subject to a penalty. Coverage can either be via an employer sponsored plan, a plan issued via the marketplace or any other recognized plan.

Taxpayers who do not obtain health insurance will be subject to penalties. The declaration of coverage or penalties will be calculated on an individual’s personal income tax return. Depending upon the family income, there are credits available to aid in paying for the insurance.

On October 1, 2013, the new health insurance marketplace was opened and can be accessed at https://www.healthcare.gov. Enrollment will be effective January 1, 2014. In the marketplace there are 4 levels of plan coverage that are available to individuals.

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52 N. Main St, Marlboro, New Jersey , America

Tel: (732) 577-9300, Mail: info@aaccpa.com