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AM I REQUIRED TO GET HEALTH INSURANCE?
Everyone is required to have health insurance coverage – or more precisely, “minimum essential coverage” – or else pay a tax penalty, unless they qualify for an exemption. This requirement is called the individual responsibility requirement, or sometimes called the individual mandate.
DO I QUALIFY FOR A TAX SUBSIDY?
WHAT IS IT?
On March 23, 2010, President Obama signed comprehensive health reform, the Patient Protection and Affordable Care Act, into law. The following summary of the law, and changes made to the law by subsequent legislation, focuses on provisions to expand coverage, control health care costs, and improve health care delivery system.
WHAT'S THE PENALTY IF I DON'T HAVE COVERAGE?
In 2015, the penalty is the greater of
$325 for each adult and $162.50 for each child, up to $975 per family, or
2% of family income above the federal tax filing threshold
In 2016, the penalty is the greater of
$695 for each adult and $347.50 for each child, up to $2,085 per family, or
2.5% of family income above the federal tax filing threshold
In later years, the flat penalty amounts for 2016 will be indexed based on the cost of living.
In all years, the penalty is also capped at an amount equal to the national average premium for the median cost bronze health plan available through the Marketplace.
The penalty is assessed based on “coverage months.” This means that each month you are uninsured, you may owe 1/12th of the annual penalty. However, short spells of uninsurance may not be subject to a penalty.
Use the calculator below to determine if you and/or your family qualifies for a subsidy.
By providing long term protection and comprehensive coverage for you and your family, you can avoid the high costs of medical care. If your employer does not offer group coverage, you are self employed or retiring early, these plans are ideal for you.