Affordable Care Act Individual Mandate
Do you have the minimum essential medical coverage?
In order to comply with section 1302 in the HRN, having essential coverage means that you have the following items covered in your plan:
- Ambulatory patient services.
- Emergency services.
- Maternity and newborn care.
- Mental health and substance use disorder services, including behavioral health treatment.
- Prescription drugs.
- Rehabilitative and habilitative services and devices.
- Laboratory services.
- Preventive and wellness services and chronic disease management.
- Pediatric services, including oral and vision care.
Note: If you received your medical coverage from the healthcare.gov marketplace, you are covered on all the above.
What do you need to have for the health insurance marketplace?
Are you eligible for the premium tax credit?
There are three criteria to meet:
What happens if I didn’t have insurance in 2014 or do not get insurance in 2015?
You will be liable for the shared responsibility payment on your tax return. The penalty for not carrying insurance in 2014 is the greater of:
The payment will be capped for all taxpayers by the national average premium of a bronze level plan through the exchange. This amount is $204 per individual per month for 2014. For 2015, the flat dollar amount increases to $325 per adult and $162.50 per child (maximum $975) and the percentage of income increases to 2%. Much more information can be found at IRS.gov and especially at: http://www.irs.gov/uac/ACA-Individual-Shared-Responsibility-Provision-Ca....
For 2015, the penalties increase to:
If you have any questions on how to save the most money with this penalty, please contact us today!