Eight ways to qualify for an exemption from the tax penalty for Going uninsured

Eight ways to qualify for an exemption from the tax penalty for Going uninsured -

In less than 30 days, the deadline to enroll in a plan through the Affordable Care Act will be upon us. This year, the payment of individual shared responsibility, otherwise known as a penalty tax will come into force and if you are not insured for more than three consecutive months, you will be faced to pay the penalty. With medical bills as a leading cause of personal bankruptcy in the United States, not having health insurance could prove to be a very costly mistake.

If you are not eligible for an exemption to the mandate of the Affordable Care Act to purchase qualifying health coverage, then you will be subject to a penalty tax that will be applied when you file your 2014 income

the tax penalty will increase over the next three years as follows:

2014:
1% total household income or $ 95 per adult ($ 47.50 per child), the highest.

2015:
2% of total household income or $ 325 per adult, whichever is greater

2016 :. [
2.5% of total household income or $ 695 per adult, whichever is greater

However, there are certain circumstances that you exempt from the tax penalty:

1. you 're uninsured for less than three months of
2. the cheapest cover available to cost you more than 8% of your household income
3. you do not have to file a tax return because your income is too low (Ask about the deadline.)
4. you are a member of a tribe federally recognized or eligible for services through an Indian health service provider
5. You are a member of a health care sharing ministry recognized
6. You are a member of a recognized religious sect with religious objections to insurance, including social security and Medicare
7. you are incarcerated, and not pending the disposition of charges against you
8. you are not legally in the US

If you miss the deadline of March 31, you will be subject to the penalty that you are eligible for a penalty tax exemption mentioned above. To ensure that you are exempt, you can join a Medicare plan and also enjoy the benefits and peace of mind that comes from certain.

To compare your Medicare options and join a plan before the deadline of March 31, visit GoHealth market.

Tweet