The Affordable Care Act Turns 14 – Emphasizing Its Significance and Impact

Today is the 14th anniversary of the Affordable Care Cat! Let's explore its impact and reporting requirements!

Affordable Care Act turns 14

Fourteen years ago, on March 23rd, President Obama signed the Affordable Care Act (ACA) into law. Also known as Obamacare, the ACA has provided millions of Americans with affordable healthcare that hadn’t been possible previously. 

Now, let’s look at what history says about the ACA.

Affordable Care Act – A Recap

Though officially titled The Patient Protection and Affordable Care Act, it quickly became known as Obamacare. The Affordable Care Act earned its nickname after President Obama signed it into law on March 23, 2010.

The ACA achieved two critical goals. Firstly, it mandated health insurance for all US citizens. Secondly, it made health insurance and healthcare more accessible and affordable for low-income families.

Subsidies were Introduced to Reduce Costs Further.

Despite the ACA’s provision of more affordable health insurance options, many families still required assistance with their monthly costs. Consequently, the Affordable Care Act provided subsidies to lower-income households.

Several ACA subsidies aimed to lower monthly premiums or provide tax credits. In certain circumstances, they reduced initial and out-of-pocket expenses associated with health insurance, such as copayments, coinsurance, and deductibles.

The Affordable Care Act (ACA) faced initial challenges. However, since its inception, it has progressed from initial rejection to increased acceptance. More Americans are now covered than ever before, largely due to the ACA.

Eligibility Criteria for ACA Coverage

Although the ACA aims to make health insurance coverage more accessible to Americans, you must fulfill specific qualifying requirements. To be eligible for coverage under the ACA, you must:

  • Live in the United States as a legal U.S. citizen, national, or lawfully present non-citizen.
  • Not be covered by Medicaid. 
  • Not to be covered by a spouse’s or parent’s health plan.

The Impact of the Affordable Care Act in 2024

The Affordable Care Act (ACA) has become a fundamental component of the United States’ healthcare system. Thanks to these efforts to reduce healthcare costs, millions of Americans signed up for coverage through the Marketplaces in 2024.

Currently, one in every four Americans is insured by Medicaid or the Children’s Health Insurance Program (CHIP). Medicaid expansion has reduced economic disparity, improved access to preventive care, and saved lives. Millions of Americans rely on the ACA to remain healthy and financially secure. The ACA is not only about coverage. It includes a broad range of cost savings and protections that touch nearly every household in the country. 

TaxBandits Offers Cost-effective ACA Reporting for Employers!

While we acknowledge the significance and impact of the ACA, we can also discuss the reporting requirements that employers complete each year in the course of providing their eligible employees with affordable, reliable health insurance coverage!

Under the Affordable Care Act (ACA), insurance companies, self-insured companies, and businesses that provide health insurance to their employees must submit information returns to the IRS to report on individual health insurance coverage. This is generally referred to as ACA Reporting. In addition to submitting these forms to the IRS, copies must also be distributed to those covered by the insurance.

TaxBandits, an authorized e-file service provider, assists businesses in filing Form 1094-B, Form 1095-B, Form 1094-C, and Form 1095-C accurately and securely with a streamlined, self-guided filing process. In addition to e-filing with the IRS and required states, TaxBandits also provides easy options for distributing recipient copies. 

With the ACA e-filing deadline (April 1, 2024) quickly approaching, start e-filing your ACA forms on time with TaxBandits. Our team is here to provide continued assistance and support for e-filing ACA Forms with the IRS!

Are you looking for a full-service solution that includes the generation of 1095-C Codes and addresses raw data? Check out our sister product, ACAwise.

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