How do health care reform and taxes connect? The Affordable Care Act is single largest change to the tax code in two decades. Find help navigating the complexities of the new health care legislation, Medicare, Medicaid and other medical deductions.
10-29-2017 10:11 PM
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10-30-2017 06:16 PM
So when you own a business you cannot make pre-tax contributions to a health savings account. However you can open one for yourself (provided that you have a high-deductible health plan) and you can make after-tax contributions. Your contributions are deductible directly on your Form 1040 as you already know.
For you a high-deductible health plan means you'll have minimum essential coverage and won't have to pay the penalty for not having insurance so long as you choose the right plan. The HDHP you enroll in must provide 3 primary care visits per year and offer preventive care without using your deductible, so that's what you'll want to look for. Other than that, for as long you are under 30 years of age and the plan meets the coverage requirements I just mentioned you'll meet the minimum essential coverage requirement with the HDHP and you won't have to look at the marketplace or anything else to have the required coverage under the Affordable Care Act.
Senior Tax Advisor (Tampa, FL)