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 will NOT have to pay a tax penalty this year, but you may be able to obtain less expensive coverage.
You do not have to pay a tax penalty because you have health insurance coverage in place through your employer. However, your coverage is considered expensive through your employer because it costs you more than 9.5% of your household income. This creates an ability for you to shop for and obtain less expensive coverage through the health insurance marketplace. You may also be eligible for tax credits which could make your health insurance pretty inexpensive.
We can help you find out if it would cost less to stay with your current situation or move to an individual plan you purchase on your own. Chances are pretty good, however, that if you are paying more than 9.5% of your household income on health insurance that you could save money, and likely get a better plan, by looking at an individual plan.
We can help you find out if it would cost less to stay with your current situation or move to an individual plan you purchase on your own. Chances are pretty good, however, that if you are paying more than 9.5% of your household income on health insurance that you could save money, and likely get a better plan, by looking at an individual plan.
