The Supreme Court's health insurance decision: what it means to you now.
The Supreme Court has let stand most of the provisions of two federal laws passed in 2010 by holding the requirement that most Americans purchase health insurance constitutional. Those laws, the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act, contain multiple provisions, some of which already have gone into effect.
The most contentious provision of those laws--the requirement that most Americans purchase health insurance--won't take effect until 2014. That provision is extremely complicated with both penalties for noncompliance and subsidies for people at certain income levels. The IRS has promised more guidance in this area. Expect more information to come in future issues of the CPA Client Bulletin as the time for compliance draws near, and the federal government fills in the details.
That said, some provisions of these major laws will go into effect in 2013, as scheduled. If you know what will change next year, you may be able to adjust your plans accordingly.