Individual Health Coverage Mandate under the Affordable Care Act
The Affordable Care Act (ACA) requires that all individuals must have minimum health coverage in place or face tax penalties.
Individual Tax Penalty Guide
Your Result: You do not have to pay a tax penalty.
You do not have to pay a tax penalty because you purchased, or currently have in place, health insurance coverage. As long as this coverage was in place for at least 9 months of the year, you will not have to pay the tax penalty. Even if you have coverage in place that was obtained many years ago, this coverage can be kept in place as long as your insurance company continues to offer that plan. It is a good idea to keep this plan as long as it is offered by your insurance company and it continues to meet your needs. Many insurance companies that offer these plans will likely be phasing them out in the next few years though. Your insurance company is required to notify you if that happens.
These plans are usually kept in place because they have higher deductibles or maximum out of pocket limits than what are currently avaiable through health care reform compliant plans. Therefore they can be much less expensive than current plans, but you will pay much more for using them too. These plans can make sense for young people who have a higher income and want to save on the cost of healthcare premiums. Those that have such plans usually understand that they will have pay quite a bit out of pocket if they experience a health emergency, and they are willing to take that risk.
If you want to look at options that have lower deductibles and lower maximums out of pocket (and that usually have more comprehensive coverage, including alternative care such as acupuncture and naturopathy) you can begin that conversation here.
Lower Income
If you are in a lower income bracket, however, you may have already obtained coverage through the health insurance marketplace and you may also be receiving a tax credit to help you afford your health insurance premiums. The good news is that these tax credits will continue for 2015. The bad news is that because of the transition from Cover Oregon to the Federal Facilitated Marketplace (FFM), you will have to go through the enrollment process again and re-qualify for your tax credits. If you have your information available that you submitted last year to qualify for tax credits, you can refer to that and begin your updated application process here on this site beginning November 15, 2014. You have until February 15, 2015 to re-apply for coverage or you will be considered un-insured.
If you are receiving tax credits, you can only apply for those through the Federal Marketplace beginning November 15, 2014. When you fill out a request to begin your application on this site, we will automatically connect you to the Federal Marketplace where appropriate.
These plans are usually kept in place because they have higher deductibles or maximum out of pocket limits than what are currently avaiable through health care reform compliant plans. Therefore they can be much less expensive than current plans, but you will pay much more for using them too. These plans can make sense for young people who have a higher income and want to save on the cost of healthcare premiums. Those that have such plans usually understand that they will have pay quite a bit out of pocket if they experience a health emergency, and they are willing to take that risk.
If you want to look at options that have lower deductibles and lower maximums out of pocket (and that usually have more comprehensive coverage, including alternative care such as acupuncture and naturopathy) you can begin that conversation here.
Lower Income
If you are in a lower income bracket, however, you may have already obtained coverage through the health insurance marketplace and you may also be receiving a tax credit to help you afford your health insurance premiums. The good news is that these tax credits will continue for 2015. The bad news is that because of the transition from Cover Oregon to the Federal Facilitated Marketplace (FFM), you will have to go through the enrollment process again and re-qualify for your tax credits. If you have your information available that you submitted last year to qualify for tax credits, you can refer to that and begin your updated application process here on this site beginning November 15, 2014. You have until February 15, 2015 to re-apply for coverage or you will be considered un-insured.
If you are receiving tax credits, you can only apply for those through the Federal Marketplace beginning November 15, 2014. When you fill out a request to begin your application on this site, we will automatically connect you to the Federal Marketplace where appropriate.