Health Care Affordable Care Act Update: Millions of Americans Can Continue to Get Subsidies Through the Health Insurance Marketplace Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Jun 25, 2015 - [Updated Jul 23, 2019] 2 min read Today the Supreme Court ruled to uphold the current Affordable Care Act law allowing millions of Americans to continue to have access to subsidies to help them pay for health insurance even if they purchase health insurance in the federally run Health Insurance Marketplace. Tax season 2015 will be the second year you will be required to report your health insurance status on your tax return, and we expect that complying with the Affordable Care Act will be an even more straightforward process this time around. Here are a few quick tips to help you maximize your tax return if you have Marketplace insurance: If you received an advanced premium tax credit or subsidy to help you pay for health insurance, you should update your financial information and status changes by contacting the Marketplace so your tax credit is kept as accurate as possible throughout the year. This will ensure you’re getting as much help as you’re eligible for and will also help you avoid having to pay back any extra tax credits. You may also only want to take only half of your subsidy upfront if you are able, so come tax season, you may get the rest of your subsidy back as a tax refund when you file your taxes and there is a substantially lower chance you will have to pay back. Finally, if you are uninsured and missed the 2015 open enrollment, under the Affordable Care Act, certain life changes can trigger what is considered a “qualifying life event” that may make you eligible to sign up for health insurance outside of the annual open enrollment period. As with all tax laws, TurboTax is up to date and has you covered. If you still have questions about the Affordable Care Act and how it impacts you you can get answers at TurboTax Health. Previous Post Did You File a Tax Extension? You May Qualify for… Next Post What Does Your Hairstyle Say About Your Life? [Infographic] Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?