One of Trump’s first actions as President is to sign an executive order easing the burdens of the ACA. This could mean that the individual mandate will go away, but we don’t yet know. [Washington Post]
Tagged: Individual Mandate
A review of the new tax forms used to apply for an exemption from the individual mandate, calculate the shared responsibility penalty, and reconcile the advance premium tax credit.
It’s officially tax season, so this is a great time to review the ways your health insurance—or lack of health insurance—could impact your tax return.
Starting in 2014, Section 5000A of the Affordable Care Act — the Individual Shared Responsibility provision — calls for each individual to either have minimum essential coverage for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return.
This calculator, developed by the makers of TurboTax, shows the penalties individuals who did not have minimum essential coverage in 2016 will pay during this year’s tax filing season.
How is the individual mandate penalty determined for different income levels and household sizes? [10:36]
This calculator shows the penalties by year that a family will pay for not having health insurance.
Effective January 1, 2014, most Americans are required to have health insurance or pay a penalty. This is frequently referred to as the Individual Mandate. The first penalties will be filed when people file their 2014 taxes in early- to mid-2015.
From KFF: The ACA requires that most people be insured or pay a penalty. This simple flowchart illustrates how the individual mandate works.
From KFF and JAMA: This infographic provides a step-by-step guide through the options and requirements for health coverage under the Affordable Care Act beginning in 2014, including coverage through an employer, a health insurance exchange, and Medicaid.